Automatic Fibonacci Levels and Trend Channels from NRTR ZigZag Peaks

Summary

This MetaTrader indicator plots a price channel and Fibonacci levels using recent peaks identified by an NRTR ZigZag indicator. Its inputs let users select the calculation timeframe and ZigZag period, and control whether Fibonacci levels, Fibonacci fans, and the trend display appear, along with their visual styling.

The indicator depends on a separately compiled NRTR ZigZag file installed in the platform’s Indicators folder. The page documents configuration and display features but does not explain the channel calculation, how the Fibonacci anchors are selected beyond using recent peaks, or any trading rules. It includes no backtest or performance evidence. As with peak-based indicators generally, the page provides no discussion of how changing peaks or delayed confirmation may affect signals.

Key ideas

• The indicator derives a price channel and Fibonacci levels from recent NRTR ZigZag peaks.
• Users can configure the calculation timeframe and ZigZag period.
• Fibonacci levels, Fibonacci fans, and trend display can be toggled and styled.
• The indicator requires a separately compiled NRTR ZigZag dependency and includes no performance evaluation.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.