FibLines and FibonacciRetracements

[Elliott Wave]

I've always wanted to be able to access Fibonacci levels from within my automated strategies and since nothing existed, I tried to hack something together and these two indicators are the result (work in progress). The 'meat' of them are from open source code by Ben of SBGTrading.

-FibLines automatically calculates the retracement values between the start and end time and manually draws all the levels between +200 and -100. One advantage of this indicator is that it overcomes the hard coded limitation on the number of lines in the FibonacciRetracement draw tool.

-FibonacciRetracements is basically the same as FibLines the difference is rather than manually drawing the levels the indicator simply calls DrawFibonacciRetracements which will draw the levels using the default settings of the draw tool (allowing you to customize the visible levels and colors).

The drawing seems fine, but there a likely still bugs when used in strategies so feel free to report them, and even freer to fix them.


I think the second screenshot (FibLines) is particularly interesting because as you can see by the arrows I drew, the same Fibonacci levels are valid over a long time period, and the added levels above 100 and below 0 make picking the optimum start time less important.

[ctrlbrk]

Elliott Wave,

I am sorry no one has thanked you for this yet, so let me be the first. I always appreciate your work and download and examine everything you post.

On a side note, if you have an updated version please let me know.

Mike

[NinjaTrader_Bertrand]

True Mike - thanks for sharing Elliott Wave!

[Elliott Wave]

Elliott Wave,

I am sorry no one has thanked you for this yet, so let me be the first. I always appreciate your work and download and examine everything you post.

On a side note, if you have an updated version please let me know.

Mike

Thank you.

I don't use FibonacciRetracements, but I use FibLines all the time.

The only update I made was I added the ability to select the line type.

This helps when using multiple instances because along with the line width setting, its easier to tell them apart.

For example you could have solid, thick lines for the major/long-term trend and thin, dashed ones for the short-term/session trend.

[tradinginzen]

I do use fibs off the opening range and the prior day high/low... I wrote a custom indicator for this if anyone is interested. It involves daytrading techniques so it may not be for everyone.

More info on the trading style here:

http://traderx.blogspot.com/

(note, I am NOT trader-x...)

Please PM if interested as I am not always able to keep up with forums.

EDIT: I have had a few requests and didn't think to do this.... I have now attached this indicator to the post. It is very rough... it uses the PriorOpenHighLow indicator code to get the prior day's high and low then puts a fib range from that including 138% retracements off either side. If you look at it historically, you can get a feel for how it works plus visit Trader-X's site.

It is designed for 10-min charts (at least how I use it), but in theory I guess it would work on any intraday chart.