Key Features
- Automatic Wave Detection: This nifty tool automatically spots major price swings and lays down Fibonacci levels for you.
- Comprehensive Fibonacci Levels: It includes a whopping 23 Fibonacci levels encompassing retracement (0%, 23.6%, 38.2%, 50%, 61.8%, 76.4%, 88.6%, 100%), extension (127.2%, 138.2%, 161.8%, 200%, 261.8%), as well as some negative levels.
- Multiple Retracements: You can showcase up to 4 different Fibonacci retracements at the same time, with customizable colors to suit your style.
- Pattern Recognition: The indicator can identify four key market patterns: continuation of uptrends, continuation of downtrends, recent upswing, and recent downswing.
- Body-to-Body Mode: A special feature designed for JPY pairs, allowing for precise measurements of candle bodies.
- Customizable Display: Tailor your viewing experience with adjustable colors, labels, fonts, and line styles.
Main Parameters
- SF_ScanBars: Number of bars to analyze for wave detection (default: 200)
- SF_RetracementCount: Choose how many retracements to display (1-4)
- WaveDetectionDepth: Sensitivity for wave detection (default: 5)
- WaveDeviationPips: Minimum price movement to register (default: 3)
- SF_ShowLabels: Option to display level labels with prices
How to Use It
This indicator takes the hassle out of analyzing price action. It automatically detects wave patterns and draws Fibonacci levels, making it compatible with all timeframes and instruments. You’ll find it particularly effective on H1 and higher timeframes.
Compatibility
Works seamlessly with the MT5 platform—suitable for all pairs and across all timeframes.
Comments 0