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Fibonacci Lines in MS 6.5 To: "Metastock 6. 0 (E-mail 2)" <metastock-list@xxxxxxxxxxxxx> Subject: Fibonacci Lines in MS 6.5 From: Erika Toth Fluke <Erika@xxxxxxxxxxxxxxxxx> Date: Thu, 26 Feb 1998 07:32:24 -0800 Resent-Date: Thu, 26 Feb 1998 08:38:54 -0700 Resent-From: metastock-list@xxxxxxxxxxxxx Resent-Message-ID: <"rF-if1.0.Sb7.9oOzq"@mail.equis.com> Resent-Sender: metastock-list-request@xxxxxxxxxxxxx HI, In the last couple month I wanted to plot the Fibonacci lines on the chart so that I don't need to go to excel and calculate it. Yesterday I finally came up with a solution using the Zig-Zag indicator. I read a lot of unfavorable opinion about that indicator. It looks to me that in the Fibonacci case I can use it, but I would like to know if anybody has opposing opinion that I'm not aware of in using the Zig-zag indicator for his purpose. The indicator I created is: |
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Fibonacci Levels II ZigPerc:= Input("Zig-Zag Percentage", .1, 99, 1); {basic peak and trough level calculation} P1:=ValueWhen(1,Peak(1,Zig(C,ZigPerc,%),ZigPerc), Peak(1,Zig(H,ZigPerc,%),ZigPerc)); P2:=ValueWhen(1,Trough(1,Zig(C,ZigPerc,%),ZigPerc), Trough(1,Zig(L,ZigPerc,%),ZigPerc)); {Fibonacci retracement levels calculation} P3 := P2 + (P1-P2)*0.236; P4 := P2 + (P1-P2)*0.382; P5 := P2 + (P1-P2)*0.5; P6 := P2 + (P1-P2)*0.618; P7 := P2 + (P1-P2)*0.764; {Plotting the levels} P2; {through} P3; {23.6% (76.4%) retracement} P4; {38.2% (61.8%) retracement} P5; {50.0% retracement} P6; {61.8% (38.2%) retracement} P7; {76.4% (23.6%) retracement} P1; {peak} |
Good trading, ***** Erika *****  | |
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