Hi All
I have been given permission to share my Fibonacci Tree indicator, and the links are below. Please don’t distribute this elsewhere, or include it in posts on this site. If anyone is interested in it send them to this thread so that they get the latest version and support if required.
The FibTree indicator will plot the Fibonacci retracement lines related to a trend line. It allows the user to offset the plotting of these lines, giving a tree effect and allows for a label to be added to each set.
This indicator does not give signals or buy/hold/sell advice, it simply displays some Fibonacci levels.
Please take a few minutes to read these instructions.
Adding the indicator:
The indicator is added to the charts in the normal manner for MetaTrader.
On the menu bar select Insert – Indicators – Custom and then select FibTree_V1
To plot the fib levels:
Draw a trend line between the points you want to plot the Fib levels for.
In the trend line properties
Description field enter
Fibo, Number, Text, -3 where
Fibo – not case sensitive, this tells the indicator to plot the fib lines for this trend line.
Number – Positive integer which tells the indicator how much to offset the plot for this trend line. Typically this number increases the further away you are from the focus point.
Text – (optional) an optional text label which will be plotted after the fib lines value.
-3 – (optional) Hide the .382 fib line.
Example Fibo,2,T, -3
Setting the indicator properties:
There are a number of variables which affect the behaviour of the indicator. They are listed here along with their default values. To change these values go to the menu bar and select
Chart –
Indicator List –
Fibtree_V1 –
Edit. Then select the
Inputs tab.
Show_Trendline This causes the source trendlines to be shown or hidden.
Default_Space The default number of bars between each fib line set.
LineWidth The width of the plotted lines
FontSize Font size for all plotted labels
Line_Base The colour of the 100% line and the joining bar
Line_.382 The colour of the 0.382 fib retracement line and labels
Line_.618 The colour of the 0.618 fib retracement line and labels
Background Used for hiding the trend line, set this to the background colour of your charts
Hiding Trendlines:
Select
Chart –
Indicator List –
Fibtree_V1 –
Edit. Then select the
Inputs tab
Change
Show_Trendline to
False.
This will cause all trendlines with the Fibo keyword to be hidden but the fib lines will remain and will still update, i.e. they will move along as new bars are created.
Changing
Show_Trendline to
True will restore them to view and allow them to be edited, moved or deleted.
NOTE: This works by setting the trendline to be drawn in the background and changing its colour to that set in the Background variable above. If the line passes through coloured areas, eg and ellipse or triangle you have drawn in another colour then it may be visible in that area.
Deleting Fib Lines:
If you wish to delete the lines associated with a trend line the simplest way is to select the trendline and in the trend line properties Description field enter the key word
Delete. This will delete all of the fib lines and labels and the trend line. This cannot be undone!
If you delete the trend line, or change its
Name property the fibo lines will remain as last plotted and will have to be deleted manually.
The links
http://www.37.org.uk/FibTree_V1.ex4
Zipped in case your anti virus blocks EX4 files.
http://www.37.org.uk/FibTree_V1.zip
Please post questions or bugs here, but please read the instructions and play with it a bit first!!
All the best
Michael