Elite indicators :) - page 223
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Thanks Mladen.
Hi Mladen,
Thanks a lot.
It's fine. I just thought you would know how to use this indicator with best results. So, I will try to figure out how to use it most effectively.
By the way, as requested in my previous post, is it possible that you can add some ABCD Patterns, and some harmonic patterns into this Fibopivot indicator?
I noticed that on either H1 and H4, the ABCD Patterns appear quite often (especially on H4). So, if you can add some harmonic patterns into this indicator, it will be very good and helpful to traders for visual viewing and easier spotting of a reliable trade setup.
Thanks a lot
James
James
That indicator is meant to draw any levels calculated according to pivot point and previous period range. So it is a kind of "static" levels indicator and not dynamic ones. Retracement versions of fibo levels I have seen so far are almost all tied to ZigZag indicators where depending on the type of the peak (upper or lower) the direction of the fibos are found.
As of using fibo levels (any fibo levels) : I think I am not a good one to explain their usage. Maybe someone that uses them regularly in trading can present results of levels usage in forex market. The indicator I made, made because there was a request for a reliable (calculation wise and and flexibility wise, hence the option to add any level and any number of levels : to make it possible to draw all the levels with one indicator and to make it possible to try any level without a need to recode the indicator) fibo levels indicator. Honestly, I do not trade fibo levels but then I never traded levels in more than a "recreational manner" and as I said, I am not someone that can give you reliable results of any similar levels trading
regards
Mladen
Hi Mladen!
Can you please make alert on this indicator?. I was thinking about alert when i crosses the zerro line and also an alert when it crosses the 55 and -55 levels.
Hope you have the time?
Regards, halvard
Fibos
Hi Mladen,
+ Thanks a lot for your hard work to improve this good indicator more and more.
+ From your newest version that has Weekly data with 1.00, 0.618, 0.500, and 0.382, I noticed there are 2 types of 1.00, 0.618, 0.500, and 0.382 (upper and lower level), but I don't quite understand how to use this new indicator.
So, I just would like to know from you that if these are Fibo retracement levels like those fibo indicators? So, in an uptrend, we just need to wait for price to retrace down to either 0.382, or 0.500, or 0.618 for a Buy setup ? and in a downtrend, we just need to wait for price to retrace up to either 0.382, 0.500, or 0.618 for a Sell setup ?
These levels are automatically calculated based on weekly price data? So, it means that these levels are stronger than the normal 0.382, 0.500, or 0.618 based on Daily price data ?
I am sorry to ask you these basic questions, but this new indicator seems very good, and I need to understand the logics behind it so that I can use it properly and correctly for my trading arsenals.
Thanks a lot for your detailed explanations soon.
Best regards,
JamesHi
There appears to be 2 schools of thought on how fibo levels are used in an up trend for example some draw the fibo from 0 to the 100 level at the top some 100 to 0, so this means that a retracement to the 61.8% can either be 40% or 60% of the move personally i understand a retracement to the level of 61.8% to be a 40% move down from the 100% high. How do others use fibos.
Regards CJA
Aperion I was wrong : it is not a variation of a stochastic (as I said, very difficult to read from decompiled code) It is a Spearman rank autocorrelation. Here is one version made by rosh (just removed the Maxrange parameter - no need for it, but be careful with long ranges - it is heavy on the processor for long ranges) and a comparison of the two indicators (rosh original can be found here : Коэффициент ранговой корреляции Спирмена - Spearman's Rank Correlation - MQL4 Code Base)If you thought that the story ends here, you were wrong
Thank you very much
Mladen
J_TPO_Clean.mq4
MTF And Interpolate
0.75 And -0.75 Levels Alert
Pictures
*Pictures*
Aperion
Since the original is by all means Spearman rank and since there is no significant value difference between the two, here is this version of Spearman rank mtf, interpolated with alerts added. Alerts are triggered on :regardsMladen
Thank you very much
Mladen
J_TPO_Clean.mq4
MTF And Interpolate
0.75 And -0.75 Levels AlertAperion Since the original is by all means Spearman rank and since there is no significant value difference between the two, here is this version of Spearman rank mtf, interpolated with alerts added. Alerts are triggered on :regards Mladen
Thanks Mladen
Hi
There appears to be 2 schools of thought on how fibo levels are used in an up trend for example some draw the fibo from 0 to the 100 level at the top some 100 to 0, so this means that a retracement to the 61.8% can either be 40% or 60% of the move personally i understand a retracement to the level of 61.8% to be a 40% move down from the 100% high. How do others use fibos.
Regards CJA=======================
Hi CJA,
Joe DiNapoli who is generally regarded as one of the foremost Fibonacci traders, suggests that you always draw the line TOWARDS the PRICE. That way you always get, say 50% retracement of the active leg (price movement).
Another guy that I have a lot of respect for is Alan Oliver from Australia and he again could not care whether he draws it that way or not.
Being mathematically minded, I think the correct way of drawing it, is towards the current (latest) price.
Wish you well.