Automatic Fibonacci Retracement Drawing (Titan_auto_fibonacci)
Indicator Overview
Automatic Fibonacci Retracement Drawing
This indicator automatically draws Fibonacci retracements based on waves identified by the ZigZag pattern.
It displays Fibonacci retracements for recent waves, denoted as "1", and shows retracements for older ZigZag waves as the numbers increase. (You can specify the ZigZag number in the settings.)
【Display Example when ZigZag Number is Set to 1】
【Display Example when ZigZag Number is Set to 2】
What is Fibonacci Retracement?
Fibonacci Retracement is a tool used to analyze how much prices rebound after certain price movements. It marks horizontal lines at percentages such as 23.6%, 38.2%, 50.0%, 61.8%, 100%, and 161.8% based on the Fibonacci sequence, which are used to analyze the magnitude of rebounds.
It is commonly used to identify timing for buying dips or selling rallies, and determining profit-taking levels for trades.
【Example of Fibonacci Retracement Display】
Multiple Displays Possible
This tool allows multiple Fibonacci retracements to be displayed on a single chart. It is recommended to change the color of the horizontal lines for clarity.
Areas where multiple lines coincide may indicate potential market turning points.
【Example of Multiple Fibonacci Retracements Displayed】
※ This indicator only works with the Windows version of TitanFX's MT5 and MT4.
Indicator Terms of Use
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1.The indicators and related descriptions are based on various data believed to be reliable, but their accuracy and completeness are not guaranteed.
2.The data displayed by the indicators do not guarantee your investment results. Also, the displayed content may vary due to market conditions and communication environments.
3.Please make investment decisions using indicators at your own risk. We are not responsible for any disadvantages or damages arising from the use of indicators.
4.Specifications of the indicators are subject to change without notice. Changes will be announced on the indicator description pages, etc.
5.Indicators should only be used by customers who have downloaded them. Transferring or selling the indicators to third parties is prohibited.
Indicator Settings
Input (For MT5), Parameter Input (For MT4)
| Variable Name | Description | Default |
|---|---|---|
| Depth（ZigZag） | Specifies the period for calculating ZigZag. | 12 |
| Deviation（ZigZag） | Specifies the deviation for calculating ZigZag. | 5 |
| BackStep（ZigZag） | Specifies the minimum period of reversal for calculating ZigZag. | 3 |
| ZigZagNo(Last=1) | Specifies which wave to display the Fibonacci retracement for. "1" indicates the most recent ZigZag wave, increasing numbers trace back to older waves. | 1 |
| Color of level line | Specifies the color of the line showing the high and low. | Yellow |
| Color of trend line | Specifies the color of the horizontal lines. | White |
| Level 1-9 Visibility | Specifies whether to display each level. Choosing 'true' shows the level, 'false' hides it. | true |
| Level 1-9 Levels(%) | Specifies the percentage for each level. | 0.0〜423.6 |
| Extend Lines | Specifies whether to extend each horizontal line to the right edge of the chart. 'True' extends the line, 'false' does not. | true |
Color Settings (For MT5), Color Configuration (For MT4)
This indicator does not use the Color (Color Configuration) tab settings.