The Fibo ZigZag Forex indicator for MetaTrader 5 is a fully redesigned version of the standard ZigZag indicator. It calculates potential support and resistance levels using Fibonacci ratios.
Fibo ZigZag identifies successive swing highs and lows, measures the distance between them, and projects Fibonacci percentages (23.6%, 38.2%, 50%, 61.8%) from those peaks and troughs. Calculations are triggered only after a confirmed swing high or low forms.
This indicator can be used to set stop-loss and take-profit levels, partially lock in profits, and is especially useful for traders following Joe DiNapoli’s methodology.
Fibonacci levels generated by this tool also serve as effective entry points in averaging-based Expert Advisors.
Download the Fibo ZigZag Forex indicator
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FAQ
How does Fibo ZigZag differ from standard ZigZag?
It adds automatic Fibonacci level projection (23.6%, 38.2%, 50%, 61.8%) from each confirmed swing high/low—standard ZigZag only draws price extremes.
Can I use it for automated trading?
Yes—its levels are accessible via iCustom() in MQL5, making it suitable for EAs that require dynamic Fibonacci-based entries or exits.
Does it repaint?
No—it confirms swings only after price closes beyond the reversal threshold, avoiding repainting on live bars.
