This script is designed to automatically identify key structural movements in a financial chart and plot Fibonacci retracement levels based on those movements. Instead of requiring a user to manually click and select highs and lows, the tool uses logic to "trace" the price action and highlight significant patterns.
Core Logic Flow
1. Identifying Market Structure (ZigZag Analysis) The script begins by scanning recent price data to filter out minor market "noise." It looks for significant peaks (highs) and troughs (lows) based on user-defined depth and deviation settings. By doing this, it creates a simplified path of the market's movement—essentially an automated ZigZag. This allows the tool to distinguish between a tiny price flicker and a meaningful trend change.
2. Pinpointing Key Coordinates Once the major turns in the market are identified, the script labels them with specific points (X, A, B, C, and D). It identifies the most recent significant movements to establish:
- Point D: The current price peak or trough.
- Point C: The immediate previous turn.
- Points A & B: Earlier turns that provide context for the current trend.
- Point X: An even earlier point used to calculate the total historical swing.
3. Dynamic Fibonacci Generation The script then analyzes the relationship between these points to draw three distinct Fibonacci sets:
- Fibo 1 (CD Retracement): Analyzes the most recent move between Point C and Point D. It helps visualize where the price might pull back within that specific segment.
- Fibo 2 (BC Movement): Looks at the relationship between B and C. Depending on whether the market is expanding or contracting, it determines whether to draw a retracement or an extension.
- Fibo 3 (AB Retracement): Provides deeper historical context by analyzing the move from Point A to Point B.
4. Automated Visual Mapping Finally, the script handles all the visual heavy lifting:
- It creates text labels on the chart for X, A, B, C, and D so the user can see exactly which peaks the tool is tracking.
- It draws the three Fibonacci tools automatically using different colors (White, Yellow, and Dodger Blue) to keep the data organized.
- It populates each Fibonacci tool with a standard set of price levels (such as 38.6%, 50%, 61.8%, etc.) and applies specific colors to those levels for easy reading.
Summary for the User
In short, this tool acts as an automated analyst. It "watches" the chart to find the most important highs and lows, identifies the current trend structure automatically, and draws the necessary Fibonacci levels to help you identify potential support and resistance zones without manual intervention.
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zz_fibo_generator
//+------------------------------------------------------------------+
//| fibo generator.mq4 |
//| Copyright © 2007, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
// 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=21;
extern int ExtDeviation=13;
extern int ExtBackstep=34;
extern color FibColor1= Green;
extern color FibColor2= RoyalBlue;
extern color FibColor3= Gold;
//---- 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");
ObjectDelete("X");
ObjectDelete("B");
ObjectDelete("A");
ObjectDelete("C");
ObjectDelete("D");
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
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);
}
ObjectCreate("X", OBJ_TEXT, 0, Time[PreviousZigZag4],posX);
ObjectSetText("X", "X", 14, "Arial", Yellow);
ObjectCreate("A", OBJ_TEXT, 0, Time[PreviousZigZag3],posA);
ObjectSetText("A", "A", 14, "Arial", Yellow);
ObjectCreate("B", OBJ_TEXT, 0, Time[PreviousZigZag2],posB);
ObjectSetText("B", "B", 14, "Arial", Yellow);
ObjectCreate("C", OBJ_TEXT, 0, Time[PreviousZigZag],posC);
ObjectSetText("C", "C", 14, "Arial", Yellow);
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]+" ");
ObjectSet( "Fibo1", OBJPROP_LEVELCOLOR, FibColor1) ;
ObjectSet( "Fibo2", OBJPROP_LEVELCOLOR, FibColor2) ;
ObjectSet( "Fibo3", OBJPROP_LEVELCOLOR, FibColor3) ;
/*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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