Hello fellow traders.

Hi.

I really appreciate all the contributions made in this website and am happy that there are really good people here who help others develop a strategy for trading.

By the way, I was checking out an indicator which I saw here, and would really like to ask help to develop this indicator.

I attached the indicator below and the pics for review.

The zigzag pointer alert I think is really helpful because it identifies the potential reversal of a certain pair. While reviewing it, I try to draw a fibonacci line from the previous signal to the new signal, and continue to move it whenever new signal appears.

I notice something that whenever i draw the fibonacci line manually, I can have a view of the range on where price moves.

I hope that there are other guys here who can help me develop an indicator that will automatically create a fibonacci line whenever new signal appears.

I am really looking forward to hearing from you guys.

Thank you very much for your support on this forum website.

Thank you

ZigZag_Pointer_alert.mq4

ZigZag_Pointer_alert.ex4

up_down_signal+fib1.gif

up_down_signal+fib2.gif

up_down_signal+fib3.gif

I hope someone can help me come out with an indicator based on the above attached files.

Let me share how the indicator should be used.

You can use it in all timeframes depending on your risk appetite.
But preferably you can use this on the 1hr chart and/or the 15 min depends on which timeframe you work best.

When the signal appears, wait for it to be fixed and to close on a red candle( if down signal) , and blue candle ( if up signal ), then make the fib lines as your targets.

So basically that's it. You may want to add some EMA's here if you want which will act as your wall , or some other filters of your chice.

Hope this helps. And hoping that someonce can help me out develop this strategy which automatically draw fib lines whenever new signal appears.

Thank you.

Try this it works however i have noticed that the original arrows do not always line up with the highs & lows and as they are what the fib levels rely on for placement the fib levels can be set in the wrong place, the arrows appear accurate from the H1 timeframe to the MN1 Timeframe so perhaps it is not supposed to be used under H1?? - or there may be a code issue in the original indicator somewhere however i do not have the time at present to sort it out perhaps someone else can have a look at it.

ZigZag_FIB_Pointer_alert.mq4

zz fibs.gif

__________________
My Disadvantage is that I am not a Trained Programmer - My Advantage is that I am not a Trained Programmer.
http://cjatradingtools.com/

Thank you very much for your help.

Yes, I try to put this on my chart and seems like the 1 hr and above timeframes are more accurate. So I think this will be better to use not less than 1 hr timeframes.

If in case there are other who wants to use this on 30 min and lower, they might need to draw it manually from the arrow will be their guide.