I have developed an MT4 indicator with the help of ChatGPT, featuring Fibonacci buy/sell zones based on the last 20 and 100 periods. Here’s an overview:
Two sets of Fibonacci ribbons: 20-period (short-term) and 100-period (long-term).
Trend determination: The trend is considered up if the price is above the 0.5 Fibonacci level, and down if below.
Buy signals: Generated when the main (long-term) trend is up, and the short-term trend changes from down to up.
Sell signals: Generated when the main (long-term) trend is down, and the short-term trend changes from up to down.
Arrows: Buy signals (green/lime) appear at the low of the candle, sell signals (red/magenta) appear at the high of the candle.
The indicator doesn't generate signals when the main trend and short-term trend are not aligned.
Additionally i have done a EA using chatgpt
This EA now does the following:
It doesn't place any orders. It only manages the stop loss for existing orders.
On each tick, it calculates the current Fibonacci levels.
For all open orders:
For buy orders, it moves the stop loss to the 0.618 Fibonacci level (minus the spread) if it's higher than the current stop loss.
For sell orders, it moves the stop loss to the 0.5 Fibonacci level (plus the spread) if it's lower than the current stop loss.
It adds the current spread to the stop loss price to account for potential slippage.
It maintains any existing take profit levels on the orders.
I need help on the following for the indicator. I'm happy with the EA. If you have any suggestions kindly share your thoughts.
Properly implementing the arrows for buy and sell signals.
Adding candles based on the main trend.
Adding MFT
Kindly advise your valuable input.
Thanks in advance
