Fibonacci Grid Indicator: Retracements Plus Extensions

Written by Dominic Walsh · Published 5 Jun 2026 · Last updated 9 Sep 2026

The fibonacci grid indicator draws both halves of the picture. Retracement levels sit inside the swing in steel blue. Extension levels project beyond it in orange. The signal comes from one line only. A close reaching the 0.618 level within `SignalToleranceP` prints a mark.

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	2: FibGrid Buy, FibGrid Sell
Alerts	popup, push notification, email, sound
Inputs	13

What the Fibonacci Grid Indicator draws on the chart

OBJ_HLINE objects carry every level. The 0, 1 and 1.618 lines draw thicker.

Levels inside the swing use `RetraceColor`. Levels beyond it use `ExtensionColor`.

FibGrid Buy places a dodger blue arrow at a touch in an uptrend.

FibGrid Sell places an orange red arrow for the downtrend case.

• FibGrid Buy: arrow, dodger blue, width 2, arrow code 233
• FibGrid Sell: arrow, orange red, width 2, arrow code 234

How the Fibonacci Grid Indicator calculates its values

Anchoring the grid

The code scans `SwingLookback` `30` bars for a confirmed high and low. Each needs `SwingPivot` `3` bars on either side. rng takes the high minus the low. Which one came later decides whether the grid reads up or down.

Placing the levels

In an uptrend each level takes the swing low plus a share of rng. In a downtrend it subtracts from the swing high instead. Levels past 1.0 project beyond the swing, which is why they sit outside the range.

The touch test

gold_level takes the 0.618 line for the current direction. tol takes `SignalToleranceP` `8` times Point. A buy needs the previous close below the level. It also needs the current close within tol of it.

How to read the signals

Thicker lines mark 0, 1 and 1.618. Those are the anchor and the main projection.

Only the 0.618 line makes marks. The rest are context.

The whole grid moves when a fresh swing enters the window.

Turn `ShowLevelLabels` off if the price scale gets crowded.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` arrives switched on and `EnablePopup` does the talking. `EnablePushNotify`, `EnableEmail` and `EnableSound` all begin false. `SoundFile` picks the clip. The touch test reads two completed closes, one message per bar.

Every Fibonacci Grid Indicator input

Core settings

Setting	What it does	Default
SwingLookback	bars used to find swing high/low. Bars searched for the swing pair, default `30`.	30
SwingPivot	bars left/right confirming a pivot. Bars each side confirming a pivot, default `3`.	3
SignalToleranceP	proximity in points to count touch. Touch tolerance in points, default `8`.	8

Display settings

Setting	What it does	Default
RetraceColor	Colour for levels inside the swing, default steel blue.	steel blue
ExtensionColor	Colour for levels beyond it, default orange.	orange
LineWidth	Base line width, default `1`.	1
ShowLevelLabels	Names each level on the chart, default `true`.	on

Alert settings

Setting	What it does	Default
EnableAlerts	Master switch for the level touch alerts, default `true`.	on
EnablePopup	Terminal dialog on a level touch, default `true`.	on
EnablePushNotify	Phone push on a level touch, default `false`.	off
EnableEmail	Mail delivery on a level touch, default `false`.	off
EnableSound	Sound playback on a level touch, default `false`.	off
SoundFile	Wav clip for the level alert, default `alert.wav`.	alert.wav

Settings that fit your chart

A thirty-bar lookback keeps the grid close to current price. EURUSD H1 is the reference chart, where that covers a day and a quarter. On M5 the anchors change several times a session. On H4 the grid holds for a week, and the levels read as real structure.

When the Fibonacci Grid Indicator fails

A short window means the grid re-anchors often. A level can vanish overnight.

`SignalToleranceP` counts points, so it needs resetting per instrument.

Levels beyond 1.0 are projections. Nothing has traded there yet.

Copy the compiled Fibonacci Grid 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 Fibonacci Grid Indicator: Larization on Wikipedia, Intermarket Analysis at StockCharts ChartSchool.

Download the Fibonacci Grid Indicator for MT4 and MT5

The zip holds the compiled Fibonacci Grid 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.

FAQ

Why does SignalToleranceP watch one level?

Because 0.618 is the level most traders watch, and marking every line would fill the chart. The code takes gold_level from that ratio and tests closes against it alone. Other levels stay on screen as reference.

How does SwingLookback pick the anchors?

It scans thirty bars for a confirmed high and a confirmed low. Each needs `SwingPivot` `3` bars on either side. Whichever formed later sets the direction, and that decides whether levels count up or down.

What separates RetraceColor from ExtensionColor?

Where the level sits. Ratios below 1.0 land inside the swing and draw in steel blue. Ratios beyond it sit past the swing high or low and draw in orange. Two colours keep the two kinds apart.

Is SignalToleranceP at 8 enough on EURUSD?

Eight points is under a pip on a five-digit feed. That is tight. On EURUSD H1 it works, because the levels are exact prices. Raise it on a wider-spread instrument, or touches keep missing by a fraction.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Fibonacci Grid Indicator as one input. Always backtest before trading live.