How are levels drawn in MQL5?

Create an OBJ_FIBO with two time/price anchors. Set OBJPROP_LEVELS, then each OBJPROP_LEVELVALUE, OBJPROP_LEVELTEXT and OBJPROP_LEVELCOLOR. Inspect the object’s anchor direction and resulting prices on the chart before using a level in any other program.

What does the ATR filter measure here?

It compares a pivot candle’s high-low range with ATR on that candle. It does not measure the amplitude from one pivot to another. The default 2 ATR is an unvalidated selection rule and may reject many otherwise visible pivots.

Are these automatically the most meaningful swing points?

No. They are strict local pivots satisfying this algorithm’s rules. The drawing chooses the latest qualifying high and low within 300 bars, not a complete alternating ZigZag model or a statistical ranking of support and resistance.

Which Fibonacci level has a proven win rate?

No level has a verified success rate on this page. The percentages are geometric ratios for chart reference. Turning them into a strategy requires explicit entry timing, exits, costs and an independently evaluated test set.

Can the lines move after appearing?

Yes. New qualifying pivots or revised history can replace the two anchors. The implementation recalculates full history and updates one object; it does not retain three historical Fib objects or promise fixed, non-repainting support levels.

Complete .mq5 source code

Auto Fibonacci MQL5 Indicator: Automatic Retracement & Extension Levels

Draw one MT5 Fibonacci object between a recent confirmed swing high and low. This educational indicator uses strict left/right pivots and filters each pivot candle by its own range relative to ATR. It plots optional extension levels but has no verified trading results or automatic entry/exit system.

Build a custom MT5 indicator View the MQL5 code

How the indicator signal works

Calculation and signal conditions

The indicator waits for InpLookbackRight completed bars after a candidate pivot, checks its left/right neighbors, then requires that pivot candle’s high-low range meet InpMinSwingATR times ATR. This is a candle-range filter, not the distance between two swings. Among the latest 300 bars it selects the most recent qualifying high and low, which need not form an alternating swing sequence.

Interpretation and limitations

Only one Fibonacci object is drawn, with configurable color and optional 127.2%/161.8% levels. No SMA/RSI/candlestick entry confirmation, limit orders, position sizing, partial exits or trailing stops are implemented. New qualifying pivots can move the anchors and all levels. A historical pivot marker appears only after right-side confirmation; it was not available at the pivot time.

MQL5 Custom Indicator Code

//+------------------------------------------------------------------+
//|                                          AutoFibonacci.mq5        |
//|  Auto Fibonacci Retracement & Extension Indicator                |
//|  For educational purposes only. Not financial advice.            |
//+------------------------------------------------------------------+
#property copyright "Pineify — pineify.app"
#property link      "https://pineify.app"
#property version   "1.00"
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_plots   2
#property indicator_type1   DRAW_ARROW
#property indicator_type2   DRAW_ARROW
#property indicator_color1  LimeGreen
#property indicator_color2  Tomato
#property indicator_width1  2
#property indicator_width2  2

//--- Input parameters
input int    InpLookbackLeft   = 3;            // Left bars for swing detection
input int    InpLookbackRight  = 3;            // Right bars for swing detection
input double InpMinSwingATR    = 2.0;          // Minimum swing in ATR(14) units
input bool   InpShowExtensions = true;         // Show 127.2% and 161.8% levels
input color  InpFibColor       = clrGold;      // Fibonacci line color
input int    InpATRPeriod      = 14;           // ATR period for swing filter
input string InpObjPrefix      = "AF_";        // Object prefix for cleanup

//--- Indicator buffers
double swingHighBuffer[];
double swingLowBuffer[];
double atrCalcBuffer[];
double priceRangeBuffer[];

//--- Global handles
int atrHandle=INVALID_HANDLE;
string fibObjectName="";

//+------------------------------------------------------------------+
int OnInit()
  {
   if(InpLookbackLeft<1 || InpLookbackRight<1 || InpATRPeriod<1 || InpMinSwingATR<0 || StringLen(InpObjPrefix)>25) return INIT_PARAMETERS_INCORRECT;
   fibObjectName=InpObjPrefix+IntegerToString(ChartID())+"_"+IntegerToString(GetTickCount64());
   SetIndexBuffer(0, swingHighBuffer, INDICATOR_DATA);
   SetIndexBuffer(1, swingLowBuffer, INDICATOR_DATA);
   SetIndexBuffer(2, atrCalcBuffer, INDICATOR_CALCULATIONS);
   SetIndexBuffer(3, priceRangeBuffer, INDICATOR_CALCULATIONS);

   PlotIndexSetInteger(0, PLOT_ARROW, 218); // down-arrow above swing highs
   PlotIndexSetInteger(1, PLOT_ARROW, 217); // up-arrow below swing lows
   PlotIndexSetDouble(0, PLOT_EMPTY_VALUE, 0);
   PlotIndexSetDouble(1, PLOT_EMPTY_VALUE, 0);

   IndicatorSetString(INDICATOR_SHORTNAME,
      "AutoFib(" + string(InpLookbackLeft) + "," +
      string(InpLookbackRight) + ")");

   atrHandle = iATR(_Symbol, _Period, InpATRPeriod);
   if(atrHandle == INVALID_HANDLE)
     {
      Print("ERROR: iATR handle failed. Code: ", GetLastError());
      return INIT_FAILED;
     }

   ArraySetAsSeries(swingHighBuffer, true);
   ArraySetAsSeries(swingLowBuffer, true);
   ArraySetAsSeries(atrCalcBuffer, true);
   ArraySetAsSeries(priceRangeBuffer, true);

   Print("AutoFib initialized on ", _Symbol, " ", EnumToString(_Period),
         " | ATR ", InpATRPeriod, " | min swing ", InpMinSwingATR, "x");
   return INIT_SUCCEEDED;
  }

//+------------------------------------------------------------------+
void OnDeinit(const int reason)
  {
   if(atrHandle != INVALID_HANDLE) IndicatorRelease(atrHandle);
   if(fibObjectName!="") ObjectDelete(0,fibObjectName);
   Print("AutoFib removed. Reason: ", reason);
  }

//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
                const int prev_calculated,
                const datetime &time[],
                const double &open[],
                const double &high[],
                const double &low[],
                const double &close[],
                const long &tick_volume[],
                const long &volume[],
                const int &spread[])
  {
   ArraySetAsSeries(time, true);
   ArraySetAsSeries(high, true);
   ArraySetAsSeries(low, true);
   ArraySetAsSeries(close, true);

   if(rates_total < InpLookbackLeft + InpLookbackRight + InpATRPeriod + 30)
      return 0;

   int start=rates_total-InpLookbackLeft-InpATRPeriod-1;
   ArrayInitialize(swingHighBuffer,0);
   ArrayInitialize(swingLowBuffer,0);

   if(CopyBuffer(atrHandle, 0, 0, rates_total, atrCalcBuffer) < rates_total)
      return prev_calculated;

   for(int i=start;i>=InpLookbackRight+1;i--)
     {
      priceRangeBuffer[i] = high[i] - low[i];
      swingHighBuffer[i] = 0;
      swingLowBuffer[i] = 0;

      if(i < InpLookbackRight || i >= rates_total - InpLookbackLeft)
         continue;

      //--- Swing high check
      bool isHigh = true;
      for(int l = 1; l <= InpLookbackLeft && isHigh; l++)
         if(high[i] <= high[i + l]) isHigh = false;
      for(int r = 1; r <= InpLookbackRight && isHigh; r++)
         if(high[i] <= high[i - r]) isHigh = false;

      if(isHigh && atrCalcBuffer[i] > 0
         && priceRangeBuffer[i] >= InpMinSwingATR * atrCalcBuffer[i])
         swingHighBuffer[i] = high[i];

      //--- Swing low check
      bool isLow = true;
      for(int l = 1; l <= InpLookbackLeft && isLow; l++)
         if(low[i] >= low[i + l]) isLow = false;
      for(int r = 1; r <= InpLookbackRight && isLow; r++)
         if(low[i] >= low[i - r]) isLow = false;

      if(isLow && atrCalcBuffer[i] > 0
         && priceRangeBuffer[i] >= InpMinSwingATR * atrCalcBuffer[i])
         swingLowBuffer[i] = low[i];
     }

   DrawFibonacciLevels(time, rates_total);
   return rates_total;
  }

//+------------------------------------------------------------------+
void DrawFibonacciLevels(const datetime &time[], int rates_total)
  {
   int highIdx = -1, lowIdx = -1;
   double highVal = 0, lowVal = 0;
   int found = 0;
   int scan = MathMin(rates_total, 300);

   for(int i = 0; i < scan && found < 2; i++)
     {
      if(swingHighBuffer[i] > 0 && highIdx < 0)
        { highIdx = i; highVal = swingHighBuffer[i]; found++; }
      if(swingLowBuffer[i] > 0 && lowIdx < 0)
        { lowIdx = i; lowVal = swingLowBuffer[i]; found++; }
     }

   if(highIdx<0 || lowIdx<0 || highIdx==lowIdx)
     { ObjectDelete(0,fibObjectName); return; }

   datetime t1, t2;
   double p1, p2;

   if(lowIdx > highIdx)
     { t1 = time[highIdx]; p1 = highVal; t2 = time[lowIdx]; p2 = lowVal; }
   else
     { t1 = time[lowIdx]; p1 = lowVal; t2 = time[highIdx]; p2 = highVal; }

   string fibName=fibObjectName;

   if(ObjectFind(0,fibName)<0)
     {
      if(!ObjectCreate(0,fibName,OBJ_FIBO,0,t1,p1,t2,p2))
        { Print("OBJ_FIBO create error: ",GetLastError()); return; }
     }
   else if(!ObjectMove(0,fibName,0,t1,p1) || !ObjectMove(0,fibName,1,t2,p2))
     { Print("OBJ_FIBO move error: ",GetLastError()); return; }

   ObjectSetInteger(0, fibName, OBJPROP_COLOR, InpFibColor);
   ObjectSetInteger(0, fibName, OBJPROP_WIDTH, 1);
   ObjectSetInteger(0, fibName, OBJPROP_BACK, false);
   ObjectSetInteger(0, fibName, OBJPROP_SELECTABLE, true);
   ObjectSetInteger(0, fibName, OBJPROP_RAY_RIGHT, false);

   double fibVals[];
   string fibDescs[];
   int fibCount = InpShowExtensions ? 9 : 7;
   ArrayResize(fibVals, fibCount);
   ArrayResize(fibDescs, fibCount);

   string levelDefs[] = {
      "0.0%:0.0", "23.6%:0.236", "38.2%:0.382", "50.0%:0.5",
      "61.8%:0.618", "78.6%:0.786", "100.0%:1.0",
      "127.2%:1.272", "161.8%:1.618"
   };

   for(int j = 0; j < fibCount; j++)
     {
      string parts[];
      StringSplit(levelDefs[j], ':', parts);
      fibDescs[j] = parts[0];
      fibVals[j] = StringToDouble(parts[1]);
     }

   ObjectSetInteger(0, fibName, OBJPROP_LEVELS, fibCount);

   for(int j = 0; j < fibCount; j++)
     {
      ObjectSetDouble(0, fibName, OBJPROP_LEVELVALUE, j, fibVals[j]);
      ObjectSetString(0, fibName, OBJPROP_LEVELTEXT, j, fibDescs[j]);
      ObjectSetInteger(0, fibName, OBJPROP_LEVELCOLOR, j, InpFibColor);
     }
  }
//+------------------------------------------------------------------+

Copy this code into MetaEditor, save it in the MQL5/Indicators folder, and compile with F7.

Change the settings or add your own signal filter

Describe the inputs, buffers, alerts, visual style, or confirmation filter you want. Pineify generates editable MQL5 source code that you can inspect and compile in MetaEditor.

Generate custom MQL5 code Read the MT5 testing guide

Frequently Asked Questions

Related MQL5 pages

Moving Average Mql5 Indicator→Vwap Indicator Mt5→Mql5 Trend Following Ea→

Technical references

Risk and testing note

These educational examples require independent compilation and testing. A compile pass or an illustrative setting does not establish execution correctness or profitability. Any reported performance must be supported by reproducible data and test settings; past results do not predict future returns. Trading involves significant risk of loss. This content is not financial advice.