AutoFib

This tool is designed to automatically identify and display key technical analysis zones on a trading chart. It primarily focuses on calculating Fibonacci retracement levels based on specific price movements, helping traders visualize potential areas of support and resistance.

Core Functionality

The script works by analyzing a set period of historical price data to determine the highest and lowest points reached. From these extremes, it automatically draws a Fibonacci grid. This grid allows you to see important psychological price levels (such as the 38.2%, 50%, and 61.8% marks) which are commonly used by traders to predict where the market might pause or reverse.

Dynamic Trading Zones

Beyond just drawing lines, the tool identifies two specific "Trade Zones":

Buy Zone: Highlights a specific area at the lower end of the price range where buyers might find interest.
Sell Zone: Highlights a specific area at the upper end of the price range where sellers might become active.

These zones are automatically sized based on a percentage of the total price range identified during the calculation period.

Customization and Flexibility

The logic includes several options to adapt to different trading styles:

Automated vs. Manual Range: You can choose to let the script automatically calculate the high/low points over a fixed number of bars (the "Fib Period"), or you can use visual "Start" and "End" lines on your chart to manually define the specific price action you want the script to analyze.
Visual Styles: Users can toggle the visibility of the channel, the start/end lines, and customize the colors for both the Buy and Sell zones to make them stand out clearly on the chart.
Adaptive Direction: The script is intelligent enough to detect whether a price movement was predominantly upward or downward. It adjusts the Fibonacci levels accordingly to ensure they are displayed in a way that makes sense for the current market trend.

Summary of Benefits

By automating the placement of these Fibonacci levels and identifying trade zones, the tool removes the manual guesswork of "drawing" your own charts. It provides a consistent, objective visual aid that helps you quickly identify potential entry and exit points based on established technical analysis principles.

Price Data Components

Miscellaneous

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AutoFib

//---------------------------------------------+
//                          AutoFib TradeZones |
//         © 2010 Eagleye777, www.fxtools.info |
//           *Mod of AutoFibo by Julien Loutre |
//                           www.forexcomm.com |
//---------------------------------------------+
#property link "http://www.fxtools.info"
#property  indicator_chart_window
#property indicator_buffers  2
#property  indicator_color1  MidnightBlue
#property  indicator_color2  FireBrick
 
extern int Fib_Period = 240; 
extern bool Show_StartLine = false;
extern bool Show_EndLine = false;
extern bool Show_Channel = false;
extern int Fib_Style = 5;
extern color Fib_Color = Gold;
extern color StartLine_Color = RoyalBlue; 
extern color EndLine_Color = FireBrick; 
extern color BuyZone_Color = MidnightBlue;
extern color SellZone_Color = FireBrick;
 
//---- buffers
double WWBuffer1[];
double WWBuffer2[];
 
double level_array[10]={0,0.236,0.382,0.5,0.618,0.764,1,1.618,2.618,4.236};
string leveldesc_array[13]={"0","23.6%","38.2%","50%","61.8%","76.4%","100%","161.8%","261.80%","423.6%"};
int level_count;
string level_name;
string StartLine = "Start Line";
string EndLine = "End Line";
 
int init() {
   IndicatorBuffers(2);
if (Show_Channel)
   {
   SetIndexStyle(0,DRAW_LINE,1);
   SetIndexStyle(1,DRAW_LINE,1);
   
   SetIndexLabel(0, "High");
   SetIndexLabel(1, "Low");
   
   SetIndexBuffer(0, WWBuffer1);
   SetIndexBuffer(1, WWBuffer2);
   }
   IndicatorDigits(Digits+2);
   
   IndicatorShortName("AutoFib TradeZones");
   
   ObjectCreate("FibLevels", OBJ_FIBO, 0, Time[0],High[0],Time[0],Low[0]);
   ObjectCreate("BuyZone", OBJ_RECTANGLE, 0,0,0,0);
   ObjectCreate("SellZone", OBJ_RECTANGLE, 0,0,0,0);
   
   if (Show_StartLine)
        {if (ObjectFind(StartLine)==-1)
           {
            ObjectCreate(StartLine,OBJ_VLINE,0,Time[Fib_Period],Close[0]);
            ObjectSet(StartLine,OBJPROP_COLOR,StartLine_Color);
           }
        } 
    if (Show_EndLine)
        {if (ObjectFind(EndLine)==-1)
           {
            ObjectCreate(EndLine,OBJ_VLINE,0,Time[0],Close[0]);
            ObjectSet(EndLine,OBJPROP_COLOR,EndLine_Color);
           }
        } 
   return(0);
}
int deinit() {
   ObjectDelete("FibLevels");
   ObjectDelete("BuyZone");
   ObjectDelete("SellZone");
}
int start() {
 
 //Start Line -------------------------------------------
   int BarShift;
  if (Show_StartLine)
  {   
   datetime HLineTime=ObjectGet(StartLine,OBJPROP_TIME1);

   if (HLineTime>=Time[0]) {BarShift=0;}
     BarShift=iBarShift(NULL,0,HLineTime);
  }   
   else if (!Show_StartLine){BarShift=0;}
   if (ObjectFind(StartLine)==-1) {BarShift=0;}
   
 //End Line -------------------------------------------
   int BarShift2;
  if (Show_EndLine)
  {   
   datetime HLine2Time=ObjectGet(EndLine,OBJPROP_TIME1);

   if (HLine2Time>=Time[0]) {BarShift2=0;}
     BarShift2=iBarShift(NULL,0,HLine2Time);
  }   
   else if (!Show_EndLine){BarShift2=0;}
   if (ObjectFind(EndLine)==-1) {BarShift2=0;}   
//----------------------------------------------------------
 
   double SellZoneHigh,BuyZoneLow;
   if (Show_StartLine)
    {
    SellZoneHigh = iHigh(NULL,0,iHighest(NULL,0,MODE_HIGH,BarShift-BarShift2,BarShift2+1));
    BuyZoneLow = iLow(NULL,0,iLowest(NULL,0,MODE_LOW,BarShift-BarShift2,BarShift2+1));
    }
      if (!Show_StartLine)
    {
    SellZoneHigh = iHigh(NULL,0,iHighest(NULL,0,MODE_HIGH,Fib_Period,1));
    BuyZoneLow = iLow(NULL,0,iLowest(NULL,0,MODE_LOW,Fib_Period,1));
    } 
   double PriceRange = SellZoneHigh - BuyZoneLow; 
   double BuyZoneHigh = BuyZoneLow + (0.236*PriceRange);
   double SellZoneLow = SellZoneHigh - (0.236*PriceRange);
   datetime StartZoneTime =Time[Fib_Period];
   datetime EndZoneTime =Time[0]+Time[0];
   
   level_count=ArraySize(level_array);
   
   int    counted_bars=IndicatorCounted();
   int    limit,i;
   
   if(counted_bars>0) counted_bars--;
   limit=Bars-counted_bars;
   
   for(i=limit-1; i>=0; i--) {
 
      WWBuffer1[i] = getPeriodHigh(Fib_Period,i);
      WWBuffer2[i] = getPeriodLow(Fib_Period,i);
      
      if (Show_StartLine)
      {ObjectSet("FibLevels", OBJPROP_TIME1, Time[BarShift]);
       ObjectSet("FibLevels", OBJPROP_TIME2, Time[BarShift2]);}
      if (!Show_StartLine)
      {ObjectSet("FibLevels", OBJPROP_TIME1, StartZoneTime);}
      ObjectSet("FibLevels", OBJPROP_TIME2, Time[0]);
      if (Open[Fib_Period] < Open[0]) // Up
      { 
        if (Show_StartLine)
         {
         ObjectSet("FibLevels", OBJPROP_PRICE1, SellZoneHigh);
         ObjectSet("FibLevels", OBJPROP_PRICE2, BuyZoneLow);
         }
        if (!Show_StartLine)
         {
         ObjectSet("FibLevels", OBJPROP_PRICE1, getPeriodHigh(Fib_Period,i));
         ObjectSet("FibLevels", OBJPROP_PRICE2, getPeriodLow(Fib_Period,i));
         } 
      } else {
        if (Show_StartLine)
         {
         ObjectSet("FibLevels", OBJPROP_PRICE1, BuyZoneLow);
         ObjectSet("FibLevels", OBJPROP_PRICE2, SellZoneHigh);
         }
        if (!Show_StartLine)
         {
         ObjectSet("FibLevels", OBJPROP_PRICE1, getPeriodLow(Fib_Period,i));
         ObjectSet("FibLevels", OBJPROP_PRICE2, getPeriodHigh(Fib_Period,i));
         }
      }
      ObjectSet("FibLevels", OBJPROP_LEVELCOLOR, Fib_Color);
      ObjectSet("FibLevels", OBJPROP_STYLE, Fib_Style);
      ObjectSet("FibLevels", OBJPROP_FIBOLEVELS, level_count);
         for(int j=0; j<level_count; j++)
      {
      ObjectSet("FibLevels", OBJPROP_FIRSTLEVEL+j, level_array[j]);
      ObjectSetFiboDescription("FibLevels",j,leveldesc_array[j]);
      }
   
      if (Show_StartLine)
      {ObjectSet("BuyZone", OBJPROP_TIME2, Time[BarShift]);
       ObjectSet("BuyZone", OBJPROP_TIME1, Time[BarShift2]);}
      if (!Show_StartLine)
      {ObjectSet("BuyZone", OBJPROP_TIME2, StartZoneTime);}
      ObjectSet("BuyZone", OBJPROP_TIME1, EndZoneTime);
      ObjectSet("BuyZone", OBJPROP_PRICE1, BuyZoneLow);
      ObjectSet("BuyZone", OBJPROP_PRICE2, BuyZoneHigh);
      ObjectSet("BuyZone", OBJPROP_COLOR, BuyZone_Color);
      
      if (Show_StartLine)
      {ObjectSet("SellZone", OBJPROP_TIME2, Time[BarShift]);
      ObjectSet("SellZone", OBJPROP_TIME1, Time[BarShift2]);}
      if (!Show_StartLine)
      {ObjectSet("SellZone", OBJPROP_TIME2, StartZoneTime);}
      ObjectSet("SellZone", OBJPROP_TIME1, EndZoneTime);
      ObjectSet("SellZone", OBJPROP_PRICE1, SellZoneLow);
      ObjectSet("SellZone", OBJPROP_PRICE2, SellZoneHigh);
      ObjectSet("SellZone", OBJPROP_COLOR, SellZone_Color);
   }
   return(0);
}
 
double getPeriodHigh(int period, int pos) 
{
   int i;
   double buffer = 0;
   for (i=pos;i<=pos+period;i++) 
   {
       if (High[i] > buffer) 
         {
            buffer = High[i];
         }
       else {
         if (Open[i] > Close[i]) // Down
         { 
            if (Open[i] > buffer) 
            {
               buffer = Open[i];
            }
         } 
      }
   }
   return (buffer);
}
double getPeriodLow(int period, int pos) {
   int i;
   double buffer = 100000;
   for (i=pos;i<=pos+period;i++) 
   {
         if (Low[i] < buffer) 
         {
            buffer = Low[i];
         }
       else {
         if (Open[i] > Close[i]) // Down
         {
            if (Close[i] < buffer) 
            {
               buffer = Close[i];
            }
         } else {
            if (Open[i] < buffer) {
               buffer = Open[i];
            }
         }
      }
   }
   return (buffer);
}

AutoFib

Core Functionality

Dynamic Trading Zones

Customization and Flexibility

Summary of Benefits

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