iMA_TrueFibs_Above_v1
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The iMA_Fibs tool is a technical analysis indicator designed for the MetaTrader platform. Its primary purpose is to provide traders with a dynamic visual aid that combines moving averages with projected price levels based on specific numerical multipliers.
Core Functionality
The script calculates a baseline trend using a Moving Average (MA). Instead of just displaying a single line, it uses that moving average as an anchor point to project seven distinct price levels simultaneously. These levels are calculated by adding specific "Fibonacci-style" values to the current position of the moving average.
Key Features and Logic
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Customizable Moving Averages: The tool allows you to choose from several different types of moving averages to determine your baseline trend. Depending on your trading style, you can switch between:
- Simple Moving Average (SMA)
- Exponential Moving Average (EMA)
- Smoothed Moving Average (SMMA)
- Linear Weighted Moving Average (LWMA)
- Least Squares Moving Average (LSMA)
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Dynamic Level Projection: Once the baseline moving average is calculated, the script automatically generates seven additional lines. These lines are spaced out based on configurable "Fibonacci" periods (such as 21, 34, 55, 89, 144, 233, and 377). Because these levels are tied to the moving average, they move fluidly with the price action rather than remaining static.
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Visual Representation: The indicator renders a primary blue line (the moving average) and seven magenta lines representing the calculated levels. This allows a trader to see not just where the price is currently trending, but also potential "zones" or targets that correspond to significant mathematical proportions relative to that trend.
How it Works in Practice
When the price moves, the moving average updates its position. As it shifts, all seven projected lines shift with it in real-time. This creates a "ribbon" effect on your chart, providing a visual map of potential price targets or support/resistance areas based on the mathematical relationship between the current trend and classic Fibonacci sequences.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| iMA_Fibs.mq4 |
//| Copyright © 2006, Robert L Hill |
//| mailto:robydoby314@yahoo.com |
//+------------------------------------------------------------------+
// This indicator allows selection of MA type and sets levels based on Fib values
// Added MAType 4 to use LSMA
#property copyright "Copyright © 2005, Metaquotes"
#property link "mailto:metaquotes@metaquotes.net"
#property indicator_chart_window
#property indicator_buffers 8
#property indicator_color1 Blue
#property indicator_color2 Magenta
#property indicator_color3 Magenta
#property indicator_color4 Magenta
#property indicator_color5 Magenta
#property indicator_color6 Magenta
#property indicator_color7 Magenta
#property indicator_color8 Magenta
#property indicator_width1 2
#property indicator_width2 1
#property indicator_width3 1
#property indicator_width4 1
#property indicator_width5 1
#property indicator_width6 1
#property indicator_width7 1
#property indicator_width8 1
//---- input parameters
extern int MAPeriod=157;
extern int MAType=1;
extern int fibo1 = 21;
extern int fibo2 = 34;
extern int fibo3 = 55;
extern int fibo4 = 89;
extern int fibo5 = 144;
extern int fibo6 = 233;
extern int fibo7 = 377;
//---- buffers
double LineBuffer[];
double Fib1[];
double Fib2[];
double Fib3[];
double Fib4[];
double Fib5[];
double Fib6[];
double Fib7[];
//---- variables
int MAMode;
string strMAType;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+1);
//---- indicators
IndicatorBuffers(8);
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,LineBuffer);
SetIndexDrawBegin(0,MAPeriod);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,Fib1);
SetIndexDrawBegin(1,MAPeriod);
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2,Fib2);
SetIndexDrawBegin(2,MAPeriod);
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,Fib3);
SetIndexDrawBegin(3,MAPeriod);
SetIndexStyle(4,DRAW_LINE);
SetIndexBuffer(4,Fib4);
SetIndexDrawBegin(4,MAPeriod);
SetIndexStyle(5,DRAW_LINE);
SetIndexBuffer(5,Fib5);
SetIndexDrawBegin(5,MAPeriod);
SetIndexStyle(6,DRAW_LINE);
SetIndexBuffer(6,Fib6);
SetIndexDrawBegin(6,MAPeriod);
SetIndexStyle(7,DRAW_LINE);
SetIndexBuffer(7,Fib7);
SetIndexDrawBegin(7,MAPeriod);
//---- name for DataWindow and indicator subwindow label
IndicatorShortName( strMAType+ " (" +MAPeriod + ") ");
//----
switch (MAType)
{
case 1: strMAType="EMA"; MAMode=MODE_EMA; break;
case 2: strMAType="SMMA"; MAMode=MODE_SMMA; break;
case 3: strMAType="LWMA"; MAMode=MODE_LWMA; break;
case 4: strMAType="LSMA"; break;
default: strMAType="SMA"; MAMode=MODE_SMA; break;
}
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
double LSMA(int Rperiod, int shift)
{
int i;
double sum;
int length;
double lengthvar;
double tmp;
double wt;
length = Rperiod;
sum = 0;
for(i = length; i >= 1 ; i--)
{
lengthvar = length + 1;
lengthvar /= 3;
tmp = 0;
tmp = ( i - lengthvar)*Close[length-i+shift];
sum+=tmp;
}
wt = sum*6/(length*(length+1));
return(wt);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
double MA;
int limit;
int counted_bars = IndicatorCounted();
//---- check for possible errors
if (counted_bars<0) return(-1);
//---- last counted bar will be recounted
if (counted_bars>0) counted_bars--;
limit = Bars - counted_bars;
for(int i=limit; i>=0; i--)
{
if (MAType == 4)
{
MA = LSMA(MAPeriod,i);
}
else
{
MA = iMA(NULL,0,MAPeriod,0,MAMode,PRICE_CLOSE,i);
}
LineBuffer[i] = MA;
Fib1[i] = MA + fibo1*Point;
Fib2[i] = MA + fibo2*Point;
Fib3[i] = MA + fibo3*Point;
Fib4[i] = MA + fibo4*Point;
Fib5[i] = MA + fibo5*Point;
Fib6[i] = MA + fibo6*Point;
Fib7[i] = MA + fibo7*Point;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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