I know many traders that meticulously draw Fibonacci retracement lines on their charts every Sunday night.  Now these guys can build Expert Advisors to watch those lines and open or close trades based on the price action related to their lines.

I also know a number of traders that build Fibonacci retracements  based on price high’s and low’s across different size channels.  Sometimes they go 20 bars back, sometimes 50 bars.  Depends on the time period, the currency pair and some other “secret sauce”. Now, for the first time,  these traders can use an Expert Advisor to build and watch their Fibonacci retracements.

There are just 2 primary functions that I created that need to be used:
fnDrawFibo programatically draws your Fibonacci retracement on any price chart
fnIsFiboLevelBroken detects if the price has broken your Fibonacci retracement
There are also a number of helper functions to help you manage your trendlines and other MQL objects.

White Box Code
The MQL code I’ve written to allow you to create and manage Fibonacci retracementis not that complicated. (Any good programmer could write this code).  But working with the MQL object functions can be a little tricky – you need to code and test over and over – it’s not good enough to just read the MQL docs.  Anyway, this is all clear-text, white-box.  You are welcome to read and/or edit the MQL code at your leisure.

Want more details?    Click here to see to the full documentation