AutoDayFibs: Drawing Fibonacci Levels from Daily Ranges
Summary
AutoDayFibs automatically plots Fibonacci levels using the high and low of a selected daily range. Its settings determine whether the indicator shifts to the current day’s prices, when that adjustment occurs, and how far back to look for the high and low when automatic adjustment is disabled.
The document describes the input parameters and notes that the indicator was originally implemented in MQL4. It does not explain how the Fibonacci levels are calculated, specify a trading strategy for acting on them, or provide chart examples or performance results. The tool is therefore presented as a configurable way to draw daily range levels; the document does not establish that those levels identify profitable entries or exits.
Key ideas
- The indicator draws Fibonacci levels from a daily high-low range.
- A setting controls whether the range updates to current-day prices.
- Users can specify the adjustment hour and, when updates are off, the lookback for each extreme.
- The document provides no trading rules or evidence of performance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.