Scale Fibonacci Arcs
Info
The Scale Fibonacci Arcs is a Script for MetaTrader 5 that this script automatically adjusts the scale of fibonacci arcs on the chart. Usage:- Before applying the script, the Fibonacci arcs are unscaled.
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 Scale Fibonacci Arcs
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 automatically adjusts the scale of Fibonacci arcs on the chart.
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 Out Value Analyzer for MT5 - another powerful script for MetaTrader 5 traders.
This script automatically adjusts the scale of Fibonacci arcs on the chart.Also recommended: Time and Price Scale Control for MT4/MT5 Charts - similar script with strong performance on MetaTrader 5.
Usage:- Before applying the script, the Fibonacci arcs are unscaled.
- After dropping the script on the chart, the arcs are scaled accordingly.
Update:
- Version 1.01: Enhanced functionality to work with downward Fibonacci arcs as well.
Source Code
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⚠ 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.