There is exactly one thing to set here. The auto fibo indicator takes the highest high and the lowest low across your chosen window, then hangs eight goldenrod rays across that span. No dragging, no anchor points to argue about, and the levels redraw as the window moves.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 8: 0.0%, 23.6%, 38.2%, 50.0%, 61.8%, 100.0%, 161.8%, 261.8% |
| Alerts | popup, push notification, email, sound |
| Inputs | 7 |
What the Auto Fibo Indicator draws on the chart
Eight lines, all goldenrod.
`0.0%` and `100.0%` mark the two extremes at width 2.
`23.6%`, `38.2%`, `50.0%` and `61.8%` sit between them.
`161.8%` and `261.8%` extend beyond the top.
Thicker lines mark the anchors.
Nothing appears in a separate pane.
- 0.0%: line, goldenrod, width 2
- 23.6%: line, goldenrod, width 1
- 38.2%: line, goldenrod, width 1
- 50.0%: line, goldenrod, width 1
- 61.8%: line, goldenrod, width 1
- 100.0%: line, goldenrod, width 2
- 161.8%: line, goldenrod, width 1
- 261.8%: line, goldenrod, width 1
How the Auto Fibo Indicator calculates its values
Finding the span
Two searches do it. `FibLookback` `100` bars give the highest high and the lowest low. Those two prices are the only anchors, and the distance between them is the range.
Sharing it out
Each ray is a fraction. The low plus a share of the range gives its price. The shares are the Fibonacci set, from 0.236 up through 0.618.
Beyond the top
Two rays overshoot on purpose. The 1.618 and 2.618 lines project past the high, which is where an extension target sits after a break.
How to read the signals
The two thick lines are the window extremes.
The 61.8 ray is the deepest common retracement.
The 50 ray is a convention rather than a Fibonacci number.
Rays shift when a new extreme enters the window.
A short lookback gives tighter, faster-moving levels.
Extension rays only matter after a break of the high.
Alert channels in this build: popup, push notification, email and sound.
`EnableAlerts` covers the tool’s messages and ships true with `EnablePopup`. Turn on `EnablePushNotify` for a phone, `EnableEmail` for mail, or `EnableSound` to play `SoundFile`. Those three arrive off.
Every Auto Fibo Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
FibLookback |
Bars the extreme search covers, `100`. | 100 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master switch, `true`. | on |
EnablePopup |
Box in the terminal, `true`. | on |
EnablePushNotify |
Buzz on a phone, `false`. | off |
EnableEmail |
Mail from the tool, `false`. | off |
EnableSound |
Audio cue, `false`. | off |
SoundFile |
Which clip plays, `”alert.wav”`. | alert.wav |
Settings that fit your chart
A hundred bars is a different span on every chart, so pick to suit. EURUSD H1 is the reference chart. That covers four days there. On M5 the window is eight hours. On daily bars it reaches back five months.
When the Auto Fibo Indicator fails
Window extremes are not the same as swing points.
Levels move whenever a new extreme arrives.
One spike sets the whole grid for a hundred bars.
The tool draws levels, and nothing signals.
Copy the compiled Auto Fibo Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Background reading on the method behind the Auto Fibo Indicator: Fibonacci Retracement at BabyPips, Fibonacci Retracement at Investopedia.
Download the Auto Fibo Indicator for MT4 and MT5
The zip holds the compiled Auto Fibo Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
What does FibLookback 100 actually anchor?
The highest high and the lowest low across the last hundred bars. Those two become the zero and hundred percent rays, and every level between them is a share of that distance. Nothing about swing structure is considered.
Why do the 161.8% and 261.8% rays sit above the high?
Because they extend rather than retrace. Both project past the top of the range, which is where a common target sits once price clears the high the grid anchored on.
Is the 50.0% ray a Fibonacci number?
No, and it never was. Half of a move is a convention traders adopted because price often retraces about that far. It appears alongside the real ratios because most people expect to see it there.
Does the 61.8% ray move as bars arrive?
Yes, whenever a new extreme enters the `FibLookback` window. That is the trade-off for automatic anchoring: you never drag a tool, but the grid is not fixed the way a hand-drawn one is.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Auto Fibo Indicator as one input. Always backtest before trading live.
External references
- The core method is documented in GreenSky on Wikipedia.
- Additional market context is at iao (AO) at the MQL5 Documentation.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.