Automatic Fibonacci Levels and Trend Channels from ZigZag Swings

Summary

This MetaTrader indicator plots a price channel, trend line, Fibonacci levels, and Fibonacci fan using recent peaks identified by an NRTR-based ZigZag indicator. Users can select a calculation timeframe and adjust the ZigZag period, display options, colors, and line widths. The default calculation timeframe is six hours.

The document is a brief description and parameter listing, not a trading system: it gives no entry or exit rules, performance results, or testing evidence. It also depends on a separate NRTR-based ZigZag indicator file. Since ZigZag methods identify turning points from price swings and may revise recent points as prices develop, displayed levels should not be treated as guaranteed or independently validated signals.

Key ideas

• The indicator derives channel and Fibonacci drawings from recent NRTR-based ZigZag peaks.\nIt can display Fibonacci retracement levels, a Fibonacci fan, and a trend line.\nThe calculation timeframe and ZigZag period are configurable.\nThe description gives no trade rules or performance evidence.\nThe indicator requires a separate NRTR-based ZigZag component.

Tags

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