Triggers alerts when price breaks specific candlestick zones and reaches key Fibonacci levels.
Here is how the FMCBR handles a breakout:
Look at this chart of Gold (XAU/USD). Price breaks the upper channel here (point A), but FMCBR doesn’t fire yet. It waits… price pulls back to the baseline – that’s your entry zone. Then we get a green histogram spike – that’s the signal. fmcbr indicator
//@version=5 indicator("FMCBR Indicator", overlay=false) length = input(20, "Swing Length") fibLevel = input(0.618, "Fibonacci Level")
How to Add Custom Indicators to MetaTrader 4&5 - Switch Markets Triggers alerts when price breaks specific candlestick zones
Identifies overbought/oversold extremes and structural divergence. Default Settings
fmcbr = br * maFilter plot(fmcbr, "FMCBR", color=color.new(color.purple,0), linewidth=2) hline(0.65, "Strong Long", color=color.new(color.green,0), linestyle=hline.style_dotted) hline(0.35, "Weak Zone", color=color.new(color.gray,0), linestyle=hline.style_dotted) It waits… price pulls back to the baseline
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Entering on the exact retest of a validated structure lets you place tight stop-losses right past the breakout invalidation level, opening the door for 1:3+ risk-to-reward ratios.
: While applicable to all, it is most reliable on H1, H4, and Daily charts for identifying major structural shifts.
