I have this idea i have tryed it once on the fibonacci trader here is a link
http://www.fibonaccitrader.com/ then look under High Probability Fibonacci Zone then journal 14 for further information on how to calculate the zones.. i have atached a picture where i have manualy calculated the zones litle similar pivots. if someone like this idea later on i think it could be a good idea to add an trendfollowing indicator thinking to collor the shapes for buy and sell zones in different collors
Heya, sailor, very nice idea, did you actually come across an indicator for fib zones for MT4 or Ensign? Would be greatly appriciated if you can share.
You can check my charts over @ my blog.
I think this indicator will do what u want
I fix a problem of day change recalulation. I used it myself today, and it is great.
elihayun, great, thank you, that's too good to be true, I just love fibos.
Can you post some comments as to how to actually trade this setup, I mean I know the zones present high probability targets for trend continuation/reversal, just thought you can give me some pointers there.
Im exctited, thanks for sharing!
BTW, if you need indies for harmonic patterns, lemme know, Ill send them through.
Also, I just noticed in the code that in programs 4 zones sup/res, what about the other 6 probability zones, that are calculated on H/L/C, elihayun do you know how to program that in?
And btw, can't seem to get indicator to work on cable and euro charts, I got latest MT4 193 build I think.
Thanks in advance for your help!
I took the documentation from the link in post #1, and calculated the rest (btw, they have an error there, but u can find it easily).
I really don't know why it doe't work on cable(i dont have it) but it work on euro on my platform. U cannot see them on above 4H timeframe, because the calculation is according to previous day close/high/low
Maybe this image will explain how to work with it. It is also, new to me.
use this one coded by Shadowwz and improved...
Kamyar, thanks for posting it, I like the way it allows you to plot into the past. Still the 6 probability zones are missing, the rules as by the book (fibotrader manual).
Any chance we can incorporate these 6 zones within indicator? Would be too good.
BTW, hows your harmonic indicator coming through, is it nearly complete now? Haven't heard from you, since that guy ziko hijacked your thread, hey everyone knows that you are much better and your setups are posted with a future outlook, it was one of the best threads there, imo.
Let us know if the indicator is set for tests, I would like to give a test run on ma real account.
Those are some of the clearest pictures I have seen on a trading blog, nice. cheers