fibonacci retracement with custom values
Info
The fibonacci retracement with custom values is a Script for MetaTrader 5 that this script draws fibonacci retracement obj_fibo with options to add your own custom valuesadd custom values seperated by commas and the script will draw fibonacci retracement levels with your custom value.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use fibonacci retracement with custom values
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
this script draws fibonacci retracement obj_fibo with options to add your own custom valuesadd custom values seperated by commas and the script will draw fibonacci retracement levels with your custom value.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: scale fibonacci arcs - another powerful script for MetaTrader 5 traders.
this script draws fibonacci retracement obj_fibo with options to add your own custom values
add custom values seperated by commas and the script will draw fibonacci retracement levels with your custom value
Also recommended: fibonacci potential entry - mt5 - similar script with strong performance on MetaTrader 5.
Source Code
яю//--- description
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#property description "Educational code - RobotFX www.robotfx.org"
#property script_show_inputs
input string Fib_Levels= "0.382,0.618,0.786,0.886,0.942"; //Enter Custom Fibonacci Level seperated by commas
double levels_values[]; // Array of level values
string levels_descriptions[] = {}; // Array of level descriptions
string InpName="Fibonacci Retracements"; // Object name.......
⚠ 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.