Automatic Fibonacci Levels from Detected Price Swings
Summary
This document describes an MT5 indicator that detects price swings and plots Fibonacci retracement and extension levels automatically. It lists retracement levels from 0% to 100%, several extensions above 100%, and negative levels. A setting controls how many retracements appear, while labels can show level prices. A body-to-body measurement mode is noted for JPY pairs, and the indicator is presented as compatible with all symbols and timeframes, with H1 and higher suggested for best results.
The description explains the indicator’s features and configurable scan length, but it gives no detection formula, chart examples, trading rules, or performance evidence. Fibonacci levels are presented as reference lines drawn from detected waves; the document does not establish that price will react at those levels. Traders would need to assess the swing detection and levels on their chosen market and timeframe before using them to make decisions.
Key ideas
- The indicator automatically detects price swings and plots Fibonacci retracement and extension levels.
- It offers multiple retracement levels and extensions, including negative levels.
- A scan-length setting determines how many bars are considered for wave analysis.
- A body-to-body mode is available for measurements on JPY pairs.
- The description provides no test results or evidence that plotted levels predict price behavior.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.