The Fibonacci spiral is one of the greatest tools produced by the amazing Fibonacci sequence and numbers. It is considered by many traders to be the ultimate tool for predicting human behavior in the financial markets. The formation of a Fibonacci spiral can even be seen in nature on shells, petals of flowers, seed heads, the arrangement of leaves and stems, and even in glaxies.
Fibonacci spiral is a special spiral that grow from the center in the Fibonacci ratio 1.618, which is also called the golden ratio. Every time the spiral makes a full turn it extends it self by Fibonacci ratio.
This script will plot Fibonacci golden spiral on the chart. It is very easy and very flexible to use.
After the script initialize it will draw square and a spiral. If the square is not correctly scaled you can resize it and the spiral will immediatly be redrawn. You should rescale the square until you get the desired shape for the spiral.
I hope you like the script.
MT4 Forex Robot Characteristics
Platform: Metatrader 4
Time frames: any.
How to install Screenshot Script in MetaTrader 4 / MT4:
Copy and paste the FX5_FiboSpiralScript_v1_0.mql4 into the MQL4 Scripts folder of the Metatrader 4 trading platform.
Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Script (paste here)
On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Scripts” section
Locate the indicator which you have just downloaded into the folder stated in Step 1
Drag (Click and drag) the Script onto the chart (when you want the task to be performed)
your task should now be executed…