#SpudFibo_003

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#SpudFibo_003

This script is designed to automatically project Fibonacci retracement levels on your trading chart based on the previous day's price action. It simplifies the technical process of manual drawing by calculating key price points and displaying them clearly for traders who rely on these levels to identify potential support and resistance areas.

Core Functionality

The script operates by identifying the highest and lowest prices reached during the previous trading day. Once it identifies this "range," it automatically constructs three distinct sets of Fibonacci visualizations:

1. Upper Projection (Upward Bias) This tool projects a series of levels starting from the high point established yesterday and moving upward. It includes 15 different price levels, ranging from 0% up to 500%. These are useful for anticipating extended bullish movements or identifying deep extension targets during a strong uptrend.

2. Lower Projection (Downward Bias) Conversely, this tool projects levels downward from the previous day's low point. It features an extensive range of 19 levels, moving from 0% down to -500%. This allows traders to visualize potential bearish extensions and targets during significant price drops.

3. The Inner Fibonacci (Daily Range) By default, the script also draws a "Main" Fibonacci retracement. Unlike the others which project outwards, this one focuses on the internal range of the previous day's move (the distance between yesterday's high and low). It highlights 7 standard retracement levels (such as the 38.2% and 61.8% marks), which are commonly used to find entry points within a consolidating market.

Intelligent Logic & Customization

  • Weekend Awareness: The script includes specific logic to handle weekends. If it detects that the previous trading day was a Sunday, it automatically expands its calculation to include data from Friday as well. This ensures the Fibonacci levels remain accurate and relevant when markets are closed over the weekend.
  • Visual Customization: Users can customize the visual appearance of the indicators directly through the settings, including the specific colors for the Upper, Main, and Lower Fibonacci lines to suit their personal chart layout.
  • Automated Updates: The script is designed to refresh automatically, ensuring that as new days begin, the calculations update to reflect the most recent completed daily price action without any manual intervention from the user.
Price Data Components
Series array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
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#SpudFibo_003 
//+------------------------------------------------------------------+
//|   #SpudFibo.mq4
//+------------------------------------------------------------------+
#property  indicator_chart_window

extern string note1 = "Fibonacci colors";
extern color UpperFiboColor = Navy;
extern color MainFiboColor = RoyalBlue;
extern color LowerFiboColor = DodgerBlue;
extern string note2 = "Draw main Fibonacci lines?";
extern bool  InnerFibs = true;

double HiPrice, LoPrice, Range;
datetime StartTime;

int init()
{
   return(0);
}

int deinit()
{
   ObjectDelete("FiboUp");
   ObjectDelete("FiboDn");
   ObjectDelete("FiboIn");
   return(0);
}


//+------------------------------------------------------------------+
//| Draw Fibo
//+------------------------------------------------------------------+

int DrawFibo()
{
	if(ObjectFind("FiboUp") == -1)
		ObjectCreate("FiboUp",OBJ_FIBO,0,StartTime,HiPrice+Range,StartTime,HiPrice);
	else
	{
		ObjectSet("FiboUp",OBJPROP_TIME2, StartTime);
		ObjectSet("FiboUp",OBJPROP_TIME1, StartTime);
		ObjectSet("FiboUp",OBJPROP_PRICE1,HiPrice+Range);
		ObjectSet("FiboUp",OBJPROP_PRICE2,HiPrice);
	}
   ObjectSet("FiboUp",OBJPROP_LEVELCOLOR,UpperFiboColor);
   ObjectSet("FiboUp",OBJPROP_FIBOLEVELS,13);
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+0,0.0);	ObjectSetFiboDescription("FiboUp",0,"(100.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+1,0.236);	ObjectSetFiboDescription("FiboUp",1,"(123.6%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+2,0.382);	ObjectSetFiboDescription("FiboUp",2,"(138.2%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+3,0.500);	ObjectSetFiboDescription("FiboUp",3,"(150.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+4,0.618);	ObjectSetFiboDescription("FiboUp",4,"(161.8%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+5,0.764);	ObjectSetFiboDescription("FiboUp",5,"(176.4%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+6,1.000);	ObjectSetFiboDescription("FiboUp",6,"(200.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+7,1.236);	ObjectSetFiboDescription("FiboUp",7,"(223.6%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+8,1.500);	ObjectSetFiboDescription("FiboUp",8,"(250.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+9,1.618);	ObjectSetFiboDescription("FiboUp",9,"(261.8%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+10,2.000);	ObjectSetFiboDescription("FiboUp",10,"(300.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+11,2.500);	ObjectSetFiboDescription("FiboUp",11,"(350.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+12,3.000);	ObjectSetFiboDescription("FiboUp",12,"(400.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+13,3.500);	ObjectSetFiboDescription("FiboUp",13,"(450.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+14,4.000);	ObjectSetFiboDescription("FiboUp",14,"(500.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_RAY,true);
   ObjectSet("FiboUp",OBJPROP_BACK,true);

	if(ObjectFind("FiboDn") == -1)
		ObjectCreate("FiboDn",OBJ_FIBO,0,StartTime,LoPrice-Range,StartTime,LoPrice);
	else
	{
		ObjectSet("FiboDn",OBJPROP_TIME2, StartTime);
		ObjectSet("FiboDn",OBJPROP_TIME1, StartTime);
		ObjectSet("FiboDn",OBJPROP_PRICE1,LoPrice-Range);
		ObjectSet("FiboDn",OBJPROP_PRICE2,LoPrice);
	}
   ObjectSet("FiboDn",OBJPROP_LEVELCOLOR,LowerFiboColor); 
   ObjectSet("FiboDn",OBJPROP_FIBOLEVELS,19);
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+0,0.0);	ObjectSetFiboDescription("FiboDn",0,"(0.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+1,0.236);	ObjectSetFiboDescription("FiboDn",1,"(-23.6%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+2,0.382);	ObjectSetFiboDescription("FiboDn",2,"(-38.2%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+3,0.500);	ObjectSetFiboDescription("FiboDn",3,"(-50.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+4,0.618);	ObjectSetFiboDescription("FiboDn",4,"(-61.8%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+5,0.764);	ObjectSetFiboDescription("FiboDn",5,"(-76.4%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+6,1.000);	ObjectSetFiboDescription("FiboDn",6,"(-100.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+7,1.236);	ObjectSetFiboDescription("FiboDn",7,"(-123.6%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+8,1.382);	ObjectSetFiboDescription("FiboDn",8,"(-138.2%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+9,1.500);	ObjectSetFiboDescription("FiboDn",9,"(-150.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+10,1.618);	ObjectSetFiboDescription("FiboDn",10,"(-161.8%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+11,1.764);	ObjectSetFiboDescription("FiboDn",11,"(-176.4%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+12,2.000);	ObjectSetFiboDescription("FiboDn",12,"(-200.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+13,2.500);	ObjectSetFiboDescription("FiboDn",13,"(-250.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+14,3.000);	ObjectSetFiboDescription("FiboDn",14,"(-300.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+15,3.500);	ObjectSetFiboDescription("FiboDn",15,"(-350.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+16,4.000);	ObjectSetFiboDescription("FiboDn",16,"(-400.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+17,4.500);	ObjectSetFiboDescription("FiboDn",17,"(-450.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+18,5.000);	ObjectSetFiboDescription("FiboDn",18,"(-500.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_RAY,true);
   ObjectSet("FiboDn",OBJPROP_BACK,true);

	if(InnerFibs)
	{
		if(ObjectFind("FiboIn") == -1)
			ObjectCreate("FiboIn",OBJ_FIBO,0,StartTime,HiPrice,StartTime+PERIOD_D1*60,LoPrice);
		else
		{
			ObjectSet("FiboIn",OBJPROP_TIME2, StartTime);
			ObjectSet("FiboIn",OBJPROP_TIME1, StartTime+PERIOD_D1*60);
			ObjectSet("FiboIn",OBJPROP_PRICE1,HiPrice);
			ObjectSet("FiboIn",OBJPROP_PRICE2,LoPrice);
		}
   	ObjectSet("FiboIn",OBJPROP_LEVELCOLOR,MainFiboColor); 
   	ObjectSet("FiboIn",OBJPROP_FIBOLEVELS,7);
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+0,0.0);	ObjectSetFiboDescription("FiboIn",0,"Daily LOW (0.0) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+1,0.236);	ObjectSetFiboDescription("FiboIn",1,"(23.6) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+2,0.382);	ObjectSetFiboDescription("FiboIn",2,"(38.2) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+3,0.500);	ObjectSetFiboDescription("FiboIn",3,"(50.0) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+4,0.618);	ObjectSetFiboDescription("FiboIn",4,"(61.8) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+5,0.764);	ObjectSetFiboDescription("FiboIn",5,"(76.4) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+6,1.000);	ObjectSetFiboDescription("FiboIn",6,"Daily HIGH (100.0) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_RAY,true);
   	ObjectSet("FiboIn",OBJPROP_BACK,true);
   }
   else
	   ObjectDelete("FiboIn");
}

//+------------------------------------------------------------------+
//| Indicator start function
//+------------------------------------------------------------------+

int start()
{
	int shift	= iBarShift(NULL,PERIOD_D1,Time[0]) + 1;	// yesterday
	HiPrice		= iHigh(NULL,PERIOD_D1,shift);
	LoPrice		= iLow (NULL,PERIOD_D1,shift);
	StartTime	= iTime(NULL,PERIOD_D1,shift);

	if(TimeDayOfWeek(StartTime)==0/*Sunday*/)
	{//Add fridays high and low
		HiPrice = MathMax(HiPrice,iHigh(NULL,PERIOD_D1,shift+1));
		LoPrice = MathMin(LoPrice,iLow(NULL,PERIOD_D1,shift+1));
	}

	Range = HiPrice-LoPrice;

	DrawFibo();

	return(0);
}
//+------------------------------------------------------------------+

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