Float MetaTrader indicator is a rather complicated indicator that analyzes the previous chart history for a certain currency pair and then tries to analyze trends in the current market situation. It shows trends’ beginnings and ends in a separate chart window and the Fibonacci retracement levels together with the DiNapoli levels on the main chart. It also displays how long ago the local high and low were detected. Input parameters: Float (default=200) – number of bars to analyze trends. The smaller is the number the fresher is data but the analysis is less accurate. Use_fibos (default=1) - if 1 then Fibonacci retracement levels will be drawn on the chart. If 0 then Fibonacci retracement levels won`t be drawn on the chart. Backtesting (default=0) – doesn’t affect anything. The trend’s beginning and end are marked on the chart by this indicator. You can attach it and wait for the beginning of the next trend and then make decision to buy or to sell. Fibonacci retracement levels can be used for setting target and stop-loss levels.

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Forex Analysis