Fibonacci expansion

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..is there a way to modify the fibonacci extension tool , so that it will not draw the fib levels as a ray all the way to the right? make the length of the levels the same as it is in the fibonacci retracement tool.

it makes a mess of the chart when u have more that one
 
We'll think about your request
 
That would be excellent.

And if it is not ask too much, the team could allow custom colored levels. I find it sometimes confusing because retracements and expansions are not colored differently and having them labeled just makes the chart real busy.

This would make MT4 a top notch charting package to any trader using Fibonacci.

Thanks for your time
 
Problem is how determine length of lines
 
Thanks for the quick reply Slawa.

Concerning the lenght of the line, I think that we can get the coordinates defined by the user when the line is drawn on the chart (pink line on Chart1).



As of right now, I think you have it designed that the lenght of the line(bars) is multiplied by 10 bars.

X1 - X2 = LineLenght;
LineLength = Linelenght * 10;
draw LineLength from coordinate X2;

Now, for the updated version(Chart 2), you would simply take that multiplier out of the formula and the length of the line will be the subtraction of X1 from X2.

X1 - X2 = LineLength;
draw LineLength from coordinate X2

If I miss anything or if it's not clear, let me know and I will work on it again.
This update would really make a big difference, specially for us that trade for a living.

Once again thanks for the support.
 
Jonathan, this is implemented for Fibo Retracement (Ray property) already.
But this solution does not match for Fibo Expansion, because Fibo Exp based on 3 points.
 
I understand what you mean about the Ray property, but even when it is OFF, it projects the lines way too far. If you look at Chart 1, the Fib Retracement is set as OFF and it still draws as if it was ON. On Chart 2(it is altered in Photoshop) the LineLength is set to end at the reference X1. The Fib Retracement as of right now is designed properly, except that when the Ray property is OFF it still projects the lines past the rightmost point of reference.

The line length for both, Fib Retracement and the Fib Extension, would then be the rightmost point of reference. In the case of the Fib. Expansion the 3 reference point (as on Chart 4 altered in Photoshop). As you know the Fib. Expansion doesnt have the Ray ON/OFF property and would have to be added then.

******************************************************************
For the update:

- Fib. Expansion
- Needs Ray ON/OFF added to TAB:Parameters
- When Ray is ON it projects the lines in to the future(as in Chart 3)
- When Ray is OFF it projects the lines up the the rightmost reference point(Chart 4)

- Fib. Retracement
- Already has Ray ON/OFF on TAB:Parameters
- Needs to be fixed(bug) when Ray is OFF to project the line up to the rightmost reference point (as in Chart 2 which was altered in Photoshop)
- Consider the ability to customize the color of the levels.
 
Slawa????
 
We'll implement ray property for fibo expansion but I don't know exactly when
 
how about just to be able to select either ray or a number of bars?
 
how about just to be able to select either ray or a number of bars?

Please wait
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