Fibo Candles Indicator-Based Trading Signals Module
Info
The Fibo Candles Indicator-Based Trading Signals Module is a Library for MetaTrader 5 that the trading signal is generated when a bar is closing. The change in candlestick color indicates the optimal time for market entry.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Libraries folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Fibo Candles Indicator-Based Trading Signals Module
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
The trading signal is generated when a bar is closing.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Library works on MetaTrader 5. Place the file in the MQL5/Libraries folder and restart the terminal.
Description & Settings
Related: mql5 wizard - candlestick patterns class - another powerful library for MetaTrader 5 traders.
The trading signal is generated when a bar is closing. The change in candlestick color indicates the optimal time for market entry.Also recommended: Candles Smoothed Indicator Trading Signals Module - similar library with strong performance on MetaTrader 5.
To use this indicator, place the fibocandles.ex5 compiled file in the terminal_data_folder\mql5\indicators directory.
Creating a trading robot based on this module is a straightforward process, as outlined in the 2026 article, 'Creating a Trading Signals Module'. The general concept of developing such a module is described in the article, 'Creating a Trading Signals Module'.
The default input parameters of the expert advisor were used during the tests presented below, without employing stop loss or take profit.
Fig.1. Deal Examples on the Chart
Testing Results for 2026 on AUDUSD H4:
Fig.2. Test Results Chart
Note: The expert advisor, generated using MQL5 Wizard, selects the moments for opening and closing positions based on the 'voting' of trading signals added during its creation. The main trading signals module, which includes all added modules, also participates in the voting process, but its longcondition() and shortcondition() methods always return 0.
As the 'votes' are smoothed by the number of present modules (basic + additional), threshold values should be adjusted accordingly. Therefore, after creating the expert advisor code with MQL5 Wizard, set signal_thresholdopen to 40=(0+80)/2 and signal_thresholdclose to 20=(0+40)/2.
You may also like: Matrix Operations Library for MetaTrader 5 - excellent alternative for library users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_type1 draw_color_candles
#property indicator_color1 teal, magenta
#property indicator_label1 "fibocandles open; fibocandles high; fibocandles low; fibocandles close".......
⚠ 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.