The bobokus fibonacci indicator works from daily candles, whatever chart you attach it to. For each of the last `BarsBack` days it takes the previous day high and low, then draws a fibonacci set across that range. The result is a day-by-day grid rather than one swing.
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 | 0 |
| Alerts | popup, push notification, email, sound |
| Inputs | 11 |
What the Bobokus Fibonacci Indicator draws on the chart
OBJ_TREND segments carry each level, spanning that day on the chart.
The two range edges draw in `ColorMain` and the inner levels in `ColorFib`.
Every set is anchored to one prior daily range, so the grids sit side by side.
No buffers exist, so nothing appears in a pane.
How the Bobokus Fibonacci Indicator calculates its values
Reading the daily series
iHigh and iLow fetch the previous day range on PERIOD_D1, whatever the chart timeframe. days takes the smaller of the available daily bars and `BarsBack` `200`. So the grid depth is bounded by both.
Placing the levels
range takes the daily high minus the daily low. Each level then adds a share of that range to the low. The set spans one calendar day, and t1 falls back to a day past t0 when the next timestamp is missing.
Why one set per day
A single fibonacci grid describes one swing. Drawing one per day instead shows how each session divided its own range. That is a different question, and it suits traders who work from the previous day levels.
How to read the signals
Each grid belongs to one day, so read it against that day rather than the whole chart.
Overlapping levels between adjacent days mark prices that mattered twice.
A wide daily range spreads the levels out and a narrow one packs them together.
Reduce `BarsBack` when older grids clutter the view.
Alert channels in this build: popup, push notification, email and sound.
`EnableAlerts` ships enabled, with `EnablePopup` handling delivery. `EnablePushNotify`, `EnableEmail` and `EnableSound` all start false. `SoundFile` picks the clip. This build carries no once-per-bar guard, so keep the noisier channels off.
Every Bobokus Fibonacci Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
BarsBack |
how many D1 bars back to draw fib sets for. Daily bars the tool draws sets for, default `200`. | 200 |
ObjPrefix |
Prefix on every object name, default `fmt_bobokus_`. | fmt_bobokus_ |
Display settings
| Setting | What it does | Default |
|---|---|---|
ColorMain |
Colour of the two range edges, default goldenrod. | goldenrod |
ColorFib |
Colour of the inner levels, default silver. | silver |
LineWidth |
Line width, default `1`. | 1 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master switch for the daily level alerts, default `true`. | on |
EnablePopup |
Terminal dialog on a daily level event, default `true`. | on |
EnablePushNotify |
Phone push on a daily level event, default `false`. | off |
EnableEmail |
Mail delivery on a daily level event, default `false`. | off |
EnableSound |
Sound playback on a daily level event, default `false`. | off |
SoundFile |
Wav clip for the level alert, default `alert.wav`. | alert.wav |
Settings that fit your chart
Every figure comes from the daily series, so the chart period changes nothing about the levels. EURUSD H1 is the reference chart, and one day fits neatly across twenty-four candles there. On M5 a single day fills the screen. On daily charts each set collapses to one bar.
When the Bobokus Fibonacci Indicator fails
Two hundred daily sets is a lot of objects, and an old chart slows down noticeably.
Levels from a quiet day sit very close together and rarely mean much.
A daily range depends on the broker server day, which shifts between brokers.
Copy the compiled Bobokus Fibonacci 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.
Related on forexmt4systems.com: Fibonacci Retracement Strategy.
Background reading on the method behind the Bobokus Fibonacci Indicator: Stochastic oscillator on Wikipedia, Mcclellan Oscillator at StockCharts ChartSchool.
Download the Bobokus Fibonacci Indicator for MT4 and MT5
The zip holds the compiled Bobokus Fibonacci 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.
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FAQ
What does BarsBack at 200 draw?
Two hundred daily sets, one per prior day, if that much daily history exists. The code takes the smaller of the two figures. Reduce it when the chart fills with grids or the terminal starts to feel slow.
Does the chart timeframe change the levels?
No. iHigh and iLow always read PERIOD_D1, so the levels come from daily ranges however you view them. What changes is how much screen space each daily set covers.
Why does ColorMain differ from ColorFib?
So the range edges stand out from the levels inside. Goldenrod marks the daily high and low, which are the prices most traders care about. Silver keeps the inner levels visible without competing with them.
What is the ObjPrefix setting there for?
It names every object the tool creates, defaulting to fmt_bobokus_. That lets the code remove its own drawings cleanly on exit, and it stops the tool touching lines you drew yourself.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Bobokus Fibonacci Indicator as one input. Always backtest before trading live.
Category: this is part of our Oscillators collection. Next, truly, browse more Oscillators for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in Stochastic oscillator on Wikipedia.
- Additional market context is at Mcclellan Oscillator at StockCharts ChartSchool.
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.