AutoDayFibs – indicator MetaTrader 5

The indicator automatically draws Fibonacci lines by yesterday’s or today’s range.

Some notes to use indicator input parameters:

input bool  AutomaticallyAdjustToToday = true; //adjustment under the current prices
input Hour  TimeToAdjust=H00;                  //the hour of shifting Fibo
input uint  iDaysBackForHigh=0;                //number of days back to obtain high
input uint  iDaysBackForLow=0;                 //number of days back to obtain low

• AutomaticallyAdjustToToday (adjustment under the current prices) – the parameter determines whether to have the indicator automatically adjust to today’s prices;
• TimeToAdjust (the hour of shifting Fibo 0 /23) – If the AutomaticallyAdjustToToday parameter is set to ‘true’, you can define at what time the fib lines switch to using today’s prices instead of the yesterday’s ones;
• iDaysBackForHigh and iDaysBackForLow. If the AutomaticallyAdjustToToday parameter is set to ‘false’, you can adjust the amount of days back to get high and low, from which the readout will start.

This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 25.07.2008.  

Fig.1 The AutoDayFibs indicator