Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
Fibo Scalper is a specialized indicator for traders who use Fibonacci retracements in short-term trading. It automates level drawing and generates rebound signals, saving time and reducing human error. Its customization and adaptability to different sessions make it a valuable tool for scalpers and day traders.
Fibo Scalper is a technical analysis tool designed for short-term trading (scalping). Its main function is to automatically draw Fibonacci retracement levels based on the price range of the previous day or a specific session, and to generate buy and sell signals when the price rebounds from key Fibonacci levels.
1. Calculation Method
Calculation Basis: Identifies the high (high) and low (low) of the previous daily session (or previous configured days).
Fibonacci Levels: Calculates and draws the following classic and extended levels:
0.0% (000 Fib), 23.6% (236 Fib), 38.2% (382 Fib), 50.0% (500 Fib), 61.8% (618 Fib), 76.4% (764 Fib), 100.0% (1000 Fib), 161.8% (1618 Fib), 261.8% (2618 Fib), 423.6% (4236 Fib).
Signals: Generates buy (green) and sell (red) arrows when the price touches and rebounds from the 100% (1000 Fib) and 161.8% (1618 Fib) levels for buys, and 0% (000 Fib) for sells, with an adjustable sensitivity range.
2. Key Features
Auto-Timed Adjustment: Automatically adjusts Fibonacci levels at the start of the current session (configurable by hour).
Visual Customization: Allows you to customize colors, styles, and line thicknesses for each Fibonacci level.
Real-Time Signals: Draws arrows on the chart to indicate potential entries in price reversals.
Designed for Scalping: Optimized for time frames below daily (does not work on D1 or higher periods).
