Master Fibonacci Levels with the CandlesAutoFibo Indicator for MT5

If you're looking to enhance your trading strategy, the CandlesAutoFibo indicator for MetaTrader 5 is a game changer. This nifty tool automatically plots Fibonacci levels based on the high and low of candlesticks, tailored to the timeframe you choose.

How It Works

The CandlesAutoFibo indicator allows you to specify the timeframe in the settings, making it versatile for different trading styles. Here’s a quick rundown of its key input parameters:

• Timeframe: Choose your preferred timeframe (default is D1).
• Number of Bars: This is the bar count used for calculating Fibonacci levels (default is 1).
• Fibonacci Levels: You can customize multiple Fibonacci levels ranging from 0.0 to 2.000, each with its own color for easy identification.

Setting It Up

//+----------------------------------------------+
//| Indicator input parameters                   |
//+----------------------------------------------+
input ENUM_TIMEFRAMES Timeframe=PERIOD_D1;  //Indicator timeframe for calculating Fibonacci levels
input uint   NumberofBar=1;                 //Bar number for calculating Fibo levels
input color   FiboColor=clrGray;            //Fibo color
input double  FiboLevel1 = 0.0;             //value of Fibo level 1
input color  Color_Level1 = clrRed;         //color of Fibo level 1
input double  FiboLevel2 = 0.236;           //value of Fibo level 2
input color  Color_Level2 = clrDarkViolet;  //color of Fibo level 2
input double  FiboLevel3 = 0.382;           //value of Fibo level 3
input color  Color_Level3 = clrOrange;      //color of Fibo level 3
input double  FiboLevel4 = 0.500;           //value of Fibo level 4
input color  Color_Level4 = clrMagenta;     //color of Fibo level 4
input double  FiboLevel5 = 0.618;           //value of Fibo level 5
input color  Color_Level5 = clrBlue;        //color of Fibo level 5
input double  FiboLevel6 = 1.000;           //value of Fibo level 6
input color  Color_Level6 = clrRed;         //color of Fibo level 6
input double  FiboLevel7 = 1.236;           //value of Fibo level 7
input color  Color_Level7 = clrDarkViolet;  //color of Fibo level 7
input double  FiboLevel8 = 1.382;           //value of Fibo level 8
input color  Color_Level8 = clrOrange;      //color of Fibo level 8
input double  FiboLevel9 = 1.500;           //value of Fibo level 9
input color  Color_Level9 = clrMagenta;     //color of Fibo level 9
input double  FiboLevel10 = 1.618;          //value of Fibo level 10
input color  Color_Level10 = clrBlue;       //color of Fibo level 10
input double  FiboLevel11 = 2.000;          //value of Fibo level 11
input color  Color_Level11 = clrRed;        //color of Fibo level 11

Fig.1. The CandlesAutoFibo indicator

With the CandlesAutoFibo indicator, you can streamline your trading process and make more informed decisions with Fibonacci retracement levels at your fingertips. Happy trading!