MAC-Fibo indicator

Below changes done in v1.1:
1. Done bar adjustment. Now it looks at 2 previous bars for trend determination.
2. Alert added.

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MACFibo trading strategy was the winner of March’s Best Forex Trading System Contest at babypips.com. This trading system uses 3 moving averages to determine trade opportunities and Fibonacci extensions to determine stop-loss and profit targets.

This is the indicator based on MACFibo trading strategy.

SHORT SIGNAL:
When 5EMA crosses 20SMA down:
Draw 2 points as below:
POINT A; Candle close price that confirmed the downside crossover
POINT B: the highest price of the current wave prior to the crossover,
Profit Target: @ 161.8 fibo level
Stop Loss: maximum 38.2 (minimum @ 78.6) based on your risk appetite.

Long SIGNAL:
When 5EMA crosses 20SMA up:
Draw 2 points as below:
POINT A; Candle close price that confirmed the upside crossover
POINT B: lowest price of the current wave prior to the crossover,
Profit Target: @ 161.8 fibo level
Stop Loss: maximum 38.2 (minimum @ 78.6) based on your risk appetite.

Exit mechanism for losing trades, if stoploss yet to hit: if 5EMA cross 8SMA in direction opposite of your open trade.