Mastering Fibonacci Analysis: Yesterday and Last Week's Insights for MetaTrader 4

Hey fellow traders! Today, we’re diving into the world of Fibonacci analysis, focusing on the market's behavior from yesterday and last week.

The key to this analysis is calculating the start and end times for the previous day or week. Remember, the trading week kicks off at 17:00 EST (UTC -5) on Sunday and runs all the way through to Friday at 17:00.

• startWeekDayOfWeek — Set the first day of the week: 1 for East, 7 for West.
• minTimeFrames — Minimum timeframe to analyze.
• maxTimeFrames — Maximum timeframe to analyze.

Color Settings:

• TimeRangeColor — Color for the time range line.
• PriceRangeColor — Color for the price range line.
• PriceMarkColor — Color for the price value mark.
• GoldenSectionColor — Color for the golden section line.

Update (June 26, 2015):

• Input Parameters:
  • showFibo — Toggle the display of the golden section.
  • init_YesterdayFibo, init_LastWeekFibo — These parameters ensure the indicator initializes correctly. The limit index is initialized only once unless the date changes. This makes it easy to adjust the target object if you want to tweak the golden ratio proportions.
• Added descriptive information (OBJPROP_TEXT) for better clarity on object placements.

• Yesterday's Fibonacci Levels on AUDUSDPro M30:



• Last Week's Fibonacci Levels on AUDUSDPro H4: