Fibonacci Progression with Breaks for MT5

Fibonacci Progression with Breaks is an indicator for MetaTrader 5 that follows a central price level and measures how far price moves away from it. Each time price travels beyond a set distance, that distance is scaled by the next number in the Fibonacci sequence, and the event is marked on the chart.

How it works

The indicator keeps a central level and builds an upper and a lower extremity around it, using a threshold distance. That distance can be fixed by you or derived from market volatility. As price pushes outside the extremities, the indicator records the move and widens the threshold using the next Fibonacci value, so each further deviation has to be larger than the last to be counted.

Central level and trend

The central level also gives a simple trend reading. If the level is higher than its previous value, the indicator treats the market as being in an uptrend. If it is lower, it treats the market as being in a downtrend.

Checkmarks and crosses

When an uptrend is detected and price deviates significantly upward, a checkmark is drawn together with the Fibonacci multiplier in use. If price deviates downward instead, a cross is drawn. The distance threshold is then multiplied by the next value in the sequence. The reverse logic applies in a downtrend.

Breaks

If price deviates so many times that the sequence grows longer than your Sequence Length setting, a break label is shown. At that point the indicator starts a new central level based on the current closing price and resets the Fibonacci multiplier to 1.

Markets and timeframes

The tool works from price data, so it can be attached to any symbol and timeframe in your MT5 terminal. The right distance differs a lot between instruments and chart periods, so do not copy a setting from one chart to another without checking how the bands sit against recent price.

Settings

Exact default values are not listed here, so open the inputs tab after loading the indicator and note the defaults before changing them.

Using the bands as support and resistance

The upper and lower extremities drawn from the central level and threshold distance can be treated as possible support and resistance zones. A reaction at one of these lines is not a signal on its own. Many traders compare it with market structure, higher timeframe levels or their own entry rules.

Risk

Installation

1. Extract the downloaded archive to a folder on your computer.
2. In MetaTrader 5, choose File, then Open Data Folder.
3. Copy the indicator file into the MQL5 folder, inside the Indicators subfolder.
4. Restart the terminal or right-click Indicators in the Navigator and choose Refresh.
5. Drag the indicator from the Navigator onto a chart and set Method, Size and Sequence Length in the inputs window.