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Fibonacci Levels II
Fibonacci Lines in MS 6.5

To: "Metastock 6. 0 (E-mail 2)" <metastock-list@xxxxxxxxxxxxx>
Subject: Fibonacci Lines in MS 6.5
From: Erika Toth Fluke <Erika@xxxxxxxxxxxxxxxxx>
Date: Thu, 26 Feb 1998 07:32:24 -0800
Resent-Date: Thu, 26 Feb 1998 08:38:54 -0700
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HI,

In the last couple month I wanted to plot the Fibonacci lines on the chart so that I don't need to go to excel and calculate it. Yesterday I finally came up with a solution using the Zig-Zag indicator. I read a lot of unfavorable opinion about that indicator. It looks to me that in the Fibonacci case I can use it, but I would like to know if anybody has opposing opinion that I'm not aware of in using the Zig-zag indicator for his purpose.

The indicator I created is:


Fibonacci Levels II

ZigPerc:= Input("Zig-Zag Percentage", .1, 99, 1);
{basic peak and trough level calculation} P1:=ValueWhen(1,Peak(1,Zig(C,ZigPerc,%),ZigPerc),
Peak(1,Zig(H,ZigPerc,%),ZigPerc));
P2:=ValueWhen(1,Trough(1,Zig(C,ZigPerc,%),ZigPerc),
Trough(1,Zig(L,ZigPerc,%),ZigPerc));

{Fibonacci retracement levels calculation}
P3 := P2 + (P1-P2)*0.236;
P4 := P2 + (P1-P2)*0.382;
P5 := P2 + (P1-P2)*0.5;
P6 := P2 + (P1-P2)*0.618;
P7 := P2 + (P1-P2)*0.764;

{Plotting the levels}
P2; {through}
P3; {23.6% (76.4%) retracement}
P4; {38.2% (61.8%) retracement}
P5; {50.0% retracement}
P6; {61.8% (38.2%) retracement}
P7; {76.4% (23.6%) retracement}
P1; {peak}

 

Good trading,

***** Erika ***** :-)

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