Worth trying?Hi All
Version 4 of the indicator is now available for download. The code has been significantly rewritten to take advantage of functionality in the latest version of Metatrader 4 so this version is only for use in Metatrader 4 build 600 and above. The principal benefit is that the code is much more efficient, only running when a change is made.
Version 3 for older systems is still available through the links below.
The main changes are:
All fib lines and labels are deleted when the indicator is removed from the chart.
Deleting the trendline now deletes all associated fib lines and labels.
-3 and -4 for hiding fib lines is no longer supported.
Delete for deleting fib lines is no longer supported.
I have edited the instructions below as required.
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. (into the \MQL4\Indicators folder
On the menu bar select Insert – Indicators – Custom and then select FibTree_V4
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, n 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.
n – (optional) Enter 3 to plot the 0.382 fib line. Enter 4 to plot the 0.5 fib line and enter 5 to plot the 0.618 fib line. These can be entered in any combination and order eg. 53 will plot 0.382 and 0.618.
Example Fibo,2,T, 345
Only the first two parameters are required so you can plot the same three levels without a label by entering Fibo,2
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_V4 – 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.
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_500 The colour of the 0.5 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.
Font_As_Line If true the indicator will plot the labels for each fib line in the same colour as the line, set above. If false the labels will be plotted in the Font_Colour set below.
Font_Name The name of the font to be used for the labels. The system default will be used if this font can't be found.
Font_Size Font size for all plotted labels.
Font_Colour Default colour for all labels.