Monitoring Manually Drawn Fibonacci Levels with an MQL5 Expert Advisor

Summary

This article presents an MQL5 Expert Advisor that monitors Fibonacci retracements drawn manually on a chart. The trader chooses the swing points and levels, while the program detects Fibonacci chart objects, reads their level values, converts them into prices, and maintains corresponding monitored levels. It tracks object creation, modification, and deletion, then evaluates price behavior around each level on incoming ticks. Configurable approach zones and touch tolerances help classify approaches, touches, breakouts, and reversals; detected interactions can update an on-chart panel and trigger alerts or notifications.

The design aims to preserve discretionary selection of market structure while automating continuous observation and state tracking across levels. The article describes implementation and system interaction, but the supplied material gives no backtest results, alert-accuracy measurements, or evidence that Fibonacci levels predict profitable trades. Its monitoring uses the Bid price, and outcomes depend on the user's drawings and chosen tolerances; levels are presented as areas for analysis rather than standalone signals.

Key ideas

• The trader selects Fibonacci swings manually, and the Expert Advisor automates ongoing monitoring.
• The program detects chart objects, extracts retracement prices, and manages monitored levels through their lifecycle.
• Customizable approach zones and touch tolerances classify price interactions around each level.
• Alerts and an on-chart status panel provide feedback when monitored levels are approached or crossed.
• The article describes a monitoring tool, not evidence that Fibonacci levels alone produce profitable signals.

Tags

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