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Fib-Based Support and Resistance Zones as Colored Chart Areas

Article MQL5 code base
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Summary

This document describes a chart indicator that marks possible support and resistance areas with colored rectangles. Its inputs let a user choose the calculation timeframe and bar, set two ratios, assign separate colors to the zones, and control how far the rectangles extend to either side of the relevant bar. The listed ratios are 0.618 and 1.382, but the document does not explain the calculation that turns them into zone prices or clarify how the selected bar is used.

The evidence is a short description and a set of indicator parameters, along with a note that an earlier version appeared in a trading-code repository in 2008. No chart example, performance test, entry or exit rule, or validation method is included in the supplied text. The zones should therefore be understood as a visual aid for locating possible price areas, not as evidence that those levels will hold or as a complete trading strategy.

Key ideas

  • The indicator displays possible support and resistance areas as colored rectangles.
  • Its inputs include a timeframe, a bar number, and two ratios.
  • Separate colors can distinguish the two support zones and the two resistance zones.
  • Left and right projection settings control how far the rectangles extend on the chart.
  • The document provides no performance evidence or complete trading rules.

Tags

Technical indicatorsEquities

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