This script is an automated tool designed to identify and draw Fibonacci retracement and extension levels on a trading chart. Rather than requiring a user to manually click on highs and lows to create these levels, the script analyzes price action automatically to find significant structural points.
Core Logic Overview
1. Structural Trend Identification (The ZigZag Mechanism) The first step the script performs is scanning the historical price data to identify major "swings"—the significant peaks and valleys in a price move. It uses specific parameters (Depth, Deviation, and Backstep) to filter out minor market noise, ensuring it only focuses on substantial price movements. It builds a visual "skeleton" of the market by identifying consecutive high and low points.
2. Pivot Point Detection Once the primary swings are identified, the script classifies them into a sequence. It looks for five specific consecutive structural points, which it labels as X, A, B, C, and D. This sequence allows the tool to understand the "geometry" of the current market trend—for example, determining if the market is currently in an upward expansion, a downward correction, or a consolidation phase.
3. Dynamic Fibonacci Calculation Based on the relationship between these identified points (X through D), the script automatically calculates three distinct Fibonacci sets:
- Fibo 1: Typically focuses on the most recent move (the CD leg) to show where price might pull back or extend.
- Fibo 2: Analyzes the preceding segment (the BC leg). The script is intelligent enough to switch between "retracement" mode (if the market is pulling back) and "extension" mode (if the market is pushing further into a new trend) depending on whether the price is moving above or below the previous peak.
- Fibo 3: Focuses on the earlier structural move (the AB leg), providing a broader context of the overall trend.
4. Automated Visual Mapping After performing these calculations, the script performs several automated visual tasks:
- Labeling: It places text labels (X, A, B, C, D) directly on the chart at the exact coordinates where the price peaks and valleys occurred.
- Drawing: It automatically draws three different Fibonacci levels on the screen, each with its own unique color (White, Yellow, and Dodger Blue).
- Data Reporting: The script calculates the relative proportions of the moves (e.g., the size of move AB compared to XA) and displays these raw values in a comment box on the chart for the user to see.
Summary for the User
Essentially, this script acts as an automated technical analyst. It looks at the "zig-zag" of the price, identifies the most important turning points, determines the current trend's direction, and then paints the relevant Fibonacci levels for you instantly. This removes the subjectivity of choosing where to start or end a Fibonacci tool, providing a consistent structural view based on the most recent significant market movements.
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fib generator
// automatic fibo generator
// based on fukinagashi work on moneytec.Com
// modified by nicogris
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 Red
//---- indicator parameters
extern int ExtDepth=8;
extern int ExtDeviation=5;
extern int ExtBackstep=3;
//---- indicator buffers
double ExtMapBuffer[];
double ExtMapBuffer2[];
double posA,posB,posC,posD,posX;
double topA,botA,topB,botB,topC,botC,topD,botD,topX,botX;
double XA,AB,BC,CD;
double XAAB,ABBC,BCCD;
datetime TimeX,TimeA,TimeB,TimeC,TimeD,TS1,TS2,TS3,TT1,TT2,TT3;
double PS1,PT1,PS2,PT2,PS3,PT3;
double Fib1High,Fib1Low,Fib2High,Fib2Low,Fib3High,Fib3Low;
double level_array[13]={0,0.236,0.386,0.5,0.618,0.786,1,1.276,1.618,2.058,2.618,3.33,4.236};
string leveldesc_array[13]={"0","23.6%","38.6%","50%","61.8%","78.6%","100%","127.6%","161.8%","205.8%","261.80%","333%","423.6%"};
int level_count;
string level_name;
double text_y;
//TS1: time source of fibo1
//PS1: price source of fibo1
//TT1: time target of fibo1
//PT1: price target of fibo1
//etc...
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorBuffers(2);
//---- drawing settings
SetIndexStyle(0,DRAW_SECTION);
//---- indicator buffers mapping
SetIndexBuffer(0,ExtMapBuffer);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexEmptyValue(0,0.0);
ArraySetAsSeries(ExtMapBuffer,true);
ArraySetAsSeries(ExtMapBuffer2,true);
//---- indicator short name
IndicatorShortName("Fibodrawer");
//---- initialization done
return(0);
}
int deinit() {
ObjectDelete("Fibo1");
ObjectDelete("Fibo2");
ObjectDelete("Fibo3");
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int start()
{ double Points = MarketInfo (Symbol(), MODE_POINT);
int shift, back,lasthighpos,lastlowpos;
double val,res;
double curlow,curhigh,lasthigh,lastlow;
for(shift=Bars-ExtDepth; shift>=0; shift--)
{
val=Low[Lowest(NULL,0,MODE_LOW,ExtDepth,shift)];
if(val==lastlow) val=0.0;
else
{
lastlow=val;
if((Low[shift]-val)>(ExtDeviation*Point)) val=0.0;
else
{
for(back=1; back<=ExtBackstep; back++)
{
res=ExtMapBuffer[shift+back];
if((res!=0)&&(res>val)) ExtMapBuffer[shift+back]=0.0;
}
}
}
ExtMapBuffer[shift]=val;
//--- high
val=High[Highest(NULL,0,MODE_HIGH,ExtDepth,shift)];
if(val==lasthigh) val=0.0;
else
{
lasthigh=val;
if((val-High[shift])>(ExtDeviation*Point)) val=0.0;
else
{
for(back=1; back<=ExtBackstep; back++)
{
res=ExtMapBuffer2[shift+back];
if((res!=0)&&(res<val)) ExtMapBuffer2[shift+back]=0.0;
}
}
}
ExtMapBuffer2[shift]=val;
}
// final cutting
lasthigh=-1; lasthighpos=-1;
lastlow=-1; lastlowpos=-1;
for(shift=Bars-ExtDepth; shift>=0; shift--)
{
curlow=ExtMapBuffer[shift];
curhigh=ExtMapBuffer2[shift];
if((curlow==0)&&(curhigh==0)) continue;
//---
if(curhigh!=0)
{
if(lasthigh>0)
{
if(lasthigh<curhigh) ExtMapBuffer2[lasthighpos]=0;
else ExtMapBuffer2[shift]=0;
}
//---
if(lasthigh<curhigh || lasthigh<0)
{
lasthigh=curhigh;
lasthighpos=shift;
}
lastlow=-1;
}
//----
if(curlow!=0)
{
if(lastlow>0)
{
if(lastlow>curlow) ExtMapBuffer[lastlowpos]=0;
else ExtMapBuffer[shift]=0;
}
//---
if((curlow<lastlow)||(lastlow<0))
{
lastlow=curlow;
lastlowpos=shift;
}
lasthigh=-1;
}
}
for(shift=Bars-1; shift>=0; shift--)
{
if(shift>=Bars-ExtDepth) ExtMapBuffer[shift]=0.0;
else
{
res=ExtMapBuffer2[shift];
if(res!=0.0) ExtMapBuffer[shift]=res;
}
}
int i=0;
int LastZigZag, PreviousZigZag,PreviousZigZag2,PreviousZigZag3,PreviousZigZag4;
int h=0;
while ( ExtMapBuffer[h]==0 && ExtMapBuffer2[h]==0)
{h++;}
LastZigZag=h;
h++;
while(ExtMapBuffer[h]==0 && ExtMapBuffer2[h]==0)
{h++;}
PreviousZigZag=h;
h++;
while(ExtMapBuffer[h]==0 && ExtMapBuffer2[h]==0)
{h++;}
PreviousZigZag2=h;
h++;
while(ExtMapBuffer[h]==0 && ExtMapBuffer2[h]==0)
{h++;}
PreviousZigZag3=h;
h++;
while(ExtMapBuffer[h]==0 && ExtMapBuffer2[h]==0)
{h++;}
PreviousZigZag4=h;
topD=High[LastZigZag];
botD=Low[LastZigZag];
topC=High[PreviousZigZag];
botC=Low[PreviousZigZag];
topB=High[PreviousZigZag2];
botB=Low[PreviousZigZag2];
topA=High[PreviousZigZag3];
botA=Low[PreviousZigZag3];
topX=High[PreviousZigZag4];
botX=Low[PreviousZigZag4];
TimeD=Time[LastZigZag];
TimeC=Time[PreviousZigZag];
TimeB=Time[PreviousZigZag2];
TimeA=Time[PreviousZigZag3];
TimeX=Time[PreviousZigZag4];
if(topD>topC)// D IS A PEAK
{//defining fib1 as CD retracement
TS1=TimeC;
PS1=botC;
TT1=TimeD;
PT1=topD;
if (topB<topD)
{//defining fib2 as BC retracement
TS2=TimeB;
PS2=topB;
TT2=TimeC;
PT2=botC;
}
if (topB>=topD)
{//defining fib2 as BC extension
TS2=TimeC;
PS2=botC;
TT2=TimeB;
PT2=topB;
}
if (botA<=botC)
{//defining fib3 as AB retracement
TS3=TimeA;
PS3=botA;
TT3=TimeB;
PT3=topB;
}
}
if(botD<botC)// D IS A TROUGH
{//defining fib1 as CD retracement
TS1=TimeC;
PS1=topC;
TT1=TimeD;
PT1=botD;
if (botB<=botD)
{//defining fib2 as BC retracement
TS2=TimeB;
PS2=botB;
TT2=TimeC;
PT2=topC;
}
if (botB>botD)
{//defining fib2 as BC extension
TS2=TimeC;
PS2=topC;
TT2=TimeB;
PT2=botB;
}
//defining fib3 as AB retracement
TS3=TimeA;
PS3=topA;
TT3=TimeB;
PT3=botB;
}
// CREATE X,A,B,C,D TEXTS
if(botD<botC)// D IS A TROUGH
{//Alert("cas 1");
posD=botD;
posC=topC+11*Points;
posB=botB;
posA=topA+11*Points;
posX=botX;
XA=(topA-botX)/Points;
AB=(topA-botB)/Points;
BC=(topC-botB)/Points;
CD=(topC-botD)/Points;
Comment("XA= ",XA," AB=",AB," BC=",BC," CD=",CD);
}
if(topD>topC)// D IS A PEAK
{//Alert("cas 2");
posD=topD;
posC=botC;
posB=topB;
posA=botA;
posX=topX;
XA=(topX-botA)/Points;
AB=(topB-botA)/Points;
BC=(topB-botC)/Points;
CD=(topD-botC)/Points;
XAAB=AB/XA;
ABBC=BC/AB;
BCCD=CD/BC;
Comment("XA= ",XA," AB=",AB," BC=",BC," CD=",CD," AB/XA=",XAAB," BC/AB=",ABBC," CD/BC=",BCCD);
}
ObjectDelete("X");
ObjectCreate("X", OBJ_TEXT, 0, Time[PreviousZigZag4],posX);
ObjectSetText("X", "X", 14, "Arial", Yellow);
ObjectDelete("A");
ObjectCreate("A", OBJ_TEXT, 0, Time[PreviousZigZag3],posA);
ObjectSetText("A", "A", 14, "Arial", Yellow);
ObjectDelete("B");
ObjectCreate("B", OBJ_TEXT, 0, Time[PreviousZigZag2],posB);
ObjectSetText("B", "B", 14, "Arial", Yellow);
ObjectDelete("C");
ObjectCreate("C", OBJ_TEXT, 0, Time[PreviousZigZag],posC);
ObjectSetText("C", "C", 14, "Arial", Yellow);
ObjectDelete("D");
ObjectCreate("D", OBJ_TEXT, 0, Time[LastZigZag],posD);
ObjectSetText("D", "D", 14, "Arial", Yellow);
// END OF TEXT CREATION
// START DRAWING FIBS
ObjectCreate("Fibo1", OBJ_FIBO, 0,TS1,PS1,TT1,PT1);
ObjectSet("Fibo1", OBJPROP_COLOR, White);
ObjectSet("Fibo1", OBJPROP_STYLE, STYLE_SOLID);
ObjectCreate("Fibo2", OBJ_FIBO, 0,TS2,PS2,TT2,PT2);
ObjectSet("Fibo2", OBJPROP_COLOR, Yellow);
ObjectSet("Fibo2", OBJPROP_STYLE, STYLE_SOLID);
if (PS3>0)// if fib3 is defined
{
ObjectCreate("Fibo3", OBJ_FIBO, 0, TS3,PS3,TT3,PT3);
ObjectSet("Fibo3", OBJPROP_COLOR, DodgerBlue);
ObjectSet("Fibo3", OBJPROP_STYLE, STYLE_SOLID);
}
level_count=ArraySize(level_array);
//Alert(level_count);
ObjectSet("Fibo1", OBJPROP_FIBOLEVELS, level_count);
ObjectSet("Fibo2", OBJPROP_FIBOLEVELS, level_count);
ObjectSet("Fibo3", OBJPROP_FIBOLEVELS, level_count);
for(int j=0; j<level_count; j++)
{//Print(j," ",level_array[j]);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+j, level_array[j]);
ObjectSetFiboDescription("Fibo1",j,leveldesc_array[j]);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+j, level_array[j]);
ObjectSetFiboDescription("Fibo2",j,leveldesc_array[j]+" ");
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+j, level_array[j]);
ObjectSetFiboDescription("Fibo3",j,leveldesc_array[j]+" ");
/*level_name="essai"+j;
text_y=PS1+(PT1-PS1)*level_array[j];
//Print(level_array[j]," ",text_y);
ObjectDelete(level_name);
ObjectCreate(level_name, OBJ_TEXT, 0, Time[1],text_y);
ObjectSetText(level_name, leveldesc_array[j], 8, "Arial", Yellow);
//FiboLC = FiboL + (FiboH - FiboL)*0.236;*/
}
/*
ObjectSet("Fibo1", OBJPROP_FIBOLEVELS, 11);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+0, 0);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+1, 0.236);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+2, 0.382);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+3, 0.5);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+4, 0.618);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+5, 0.786);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+6, 1);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+7, 1.276);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+8, 1.618);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+9, 2.058);
ObjectSet("Fibo1", OBJPROP_FIRSTLEVEL+10, 261.8);
ObjectSet("Fibo2", OBJPROP_FIBOLEVELS, 11);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+0, 0);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+1, 0.236);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+2, 0.382);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+3, 0.5);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+4, 0.618);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+5, 0.786);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+6, 1);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+7, 1.276);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+8, 1.618);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+9, 2.058);
ObjectSet("Fibo2", OBJPROP_FIRSTLEVEL+10, 261.8);
ObjectSet("Fibo3", OBJPROP_FIBOLEVELS, 11);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+0, 0);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+1, 0.236);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+2, 0.382);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+3, 0.5);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+4, 0.618);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+5, 0.786);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+6, 1);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+7, 1.276);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+8, 1.618);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+9, 2.058);
ObjectSet("Fibo3", OBJPROP_FIRSTLEVEL+10, 261.8);
*/
}
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