Skip to content
All library documents

Custom Fibonacci Pivot Levels from a Chosen Timeframe

Article MQL5 code base
Read the original

Summary

This document describes a chart indicator that plots Fibonacci-style pivot levels as labels. The levels are calculated from candles on a timeframe selected by the user, which can differ from the chart’s own timeframe. Inputs include three Fibonacci ratios and a horizontal shift that moves the plotted labels across bars.

The document gives parameter names and default values, but does not explain the pivot calculation, show the plotted levels in detail, or provide performance evidence. It identifies the indicator as an MQL4 implementation first published in 2007. The material is therefore useful as a brief description of a configurable technical indicator, rather than as a complete specification or a tested trading strategy.

Key ideas

  • The indicator derives Fibonacci-style pivot levels from candles on a configurable timeframe.
  • It displays the calculated levels as labels on a chart.
  • Three ratio inputs and a bar shift control the plotted levels and their horizontal placement.
  • The document provides no trading rules, formula details, or performance evaluation.

Tags

Technical indicators

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