Building an Interactive Fibonacci Retracement EA in MQL5
Summary
This article describes an MQL5 Expert Advisor that turns Fibonacci retracement drawing into an interactive chart tool. Users enter swing low and high values in an on-chart panel; the EA calculates retracement and extension levels, labels them with ratios and prices, and offers controls to redraw or clear them. If the inputs are blank, it can estimate recent swing points from chart data.
The EA checks each tick for Bid or Ask prices near a plotted level and reports touches through chart markers, alerts, and a ticker. The article explains the interface, level calculation, visualization, and event handling, and describes observing touch alerts during live market movement. It is an analysis aid rather than a trading system: it does not open positions. The described checks establish that alerts respond to level interactions, but provide no evidence that Fibonacci levels predict price movement or improve trading performance.
Key ideas
- An on-chart panel lets users specify the swing range and redraw Fibonacci levels without opening EA settings.
- The tool plots retracement and extension levels with ratio and price labels.
- Tick-by-tick checks can flag when Bid or Ask enters a defined proximity to a level.
- Touch alerts and chart markers provide feedback but do not validate the predictive value of the levels.
- The EA supports analysis only and does not execute trades.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.