There is no real agreement outside the most common fibo numbers (38.2 and 61.8, 1.618 and so on with extensions).
If you divide the consecutive numbers of a series you get the 0.618 or close if you divide the non consecutive numbers you get the 0.382 or close.
0.236 was added later (0.618/3).
But where 76.4 come from? more or less like the 23.6 (61.8 - 38.2) but the inverse 1 - 23.6 = 76.4
Problem is there is no only one way to achieve that number because 38.2 * 2 is 76.4 too
In fact all this matter creates some nice food for the brain.
At the beginning I was confused because some platforms shows another numbers like 78.6 and all kind of mess.
So, go to the source Linuxser. Books books and more books. And my conclusion is the 76.4 is the .....
I will complete the rest of this soon
Daddy,i want to read more
Names (meaning) of the color in ChoppyBars indicator are the following:
MediumBlue: Strong UpTrend.
Crimson: Strong DownTrend
DodgerBlue: Retrace UpTrend
Tomato: Retrace DownTrend
LightBlue: Choppy UpTrend
Orange: Choppy DownTrend
Aqua: Be ready to change UpTrend
Does this indicator repaints? it looks to me it repaints one previous bar after new signal appears.
Is there alert version with alerts going from blue to red??? if no can someone pls program this addition? can this indicator be posted on free part of the forum? (to request this mod)
Not sure about 1.1 version but I checked StepChoppyBars_v2 indicator and it is not repainting.
Look at this post https://www.mql5.com/en/forum/173815/page7 and this thread as well https://www.mql5.com/en/forum/177862
This StepChoppyBars_v2 was posted in public (it is latest version) so it may be posted in public as it was posted already (by me).
Fibonacci Part 2
I have many books about trading talking about fibonacci and I have some books talking only about fibonacci. First ones mention 76.4 and second ones does not.
Maclelan Book "Fibonacci and Gann application" does not mention anything*
So, who is he guy that most knows about fibonacci in the trading world? Larry Pasavento. A trader that make their trades using only fibonacci.
However Larry works with 78.6 not 76.4 as many platform shows. But this two numbers have completely different origin and application.
We could say 76.4 is a synthetic fibonacci number as 50.0 is.
Meanwhile 78.6 (well know for the followers of Harmonic trading thread) is a real retracement level, the square of 61.8 as 1.27 is the square 1.618.
However by overlaying some chart with 76.4 and 78.6 differences are almost undetectable but the calculation is completely different.
We can be worried for (76.4-78.6) 2.2 difference but maybe we need to ask how this confusion started.
I guess in the early days of charting software some programmers had the task to program fibonacci retracements and somebody told him read this book and just do it and because fibonnacci was not popular until recent years the mistake survived all this time.
I need to mention that many popular software charting included wrong versions of stochastic for long time until Lane becomes a very popular man and wrote several articles about the real calculation.
Chande Dynamic Momentum Index from the book The New Technical Trader developed by Igorad.
Slightly modified version of historical pivots to work as Fibonacci Channel does.
Just set the history in days to the desired period to calculate and draw the levels.
Does anyone have an indicator that can show divergence in H1 charts?
I guess anticipation is better than any other indicator due to the leading factor.
ATR Pivots same with same modification,