fibo modification
Info
The fibo modification is a Script for MetaTrader 4 that various modifications can be applied to fibo objects:- set the object's trend line vertically from the 100 or 0 point. - shift the 100 or 0 points in any direction by a specified number of bars (for better readability of labels, etc.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use fibo modification
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
various modifications can be applied to fibo objects:- set the object's trend line vertically from the 100 or 0 point.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: fibo wave expert advisor - another powerful script for MetaTrader 4 traders.
various modifications can be applied to fibo objects:- set the object's trend line vertically from the 100 or 0 point.
Also recommended: karpenko: fibonacci, sma, and atr trend indicator - similar script with strong performance on MetaTrader 4.
- shift the 100 or 0 points in any direction by a specified number of bars (for better readability of labels, etc.).
- preserve initial dates and prices in the description (visible on hover).
- add levels with a specified value to the object.
- draw support/resistance lines and trend lines at specified levels.
- display and remove price values on existing levels.
the image shows a fibo object with the following modifications:
- set vertically from the 0 point and shifted by 7 bars for better label readability.
- additional levels: 78.6%, 111.8%, 123.6%, 138.2%, 150.0%.
- support/resistance lines and trend lines are drawn at the 0.0% and 100.0% levels.
- price values are displayed at all existing levels.
You may also like: Модификация fibo lines - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property show_inputs
/*
(100 0) -
fibo. ' -
' .
1000=10:
- 100 - 100;
- 0 - 0;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.