Drawing fibonacci levels not based on a period

• 08/30/2019 at 6:24 PM #105941
  stefou102

  Hello,

  The common way to code fibonacci level is to take the high/low over a past period, lets say 1000 units, or 10 days, or whatever. The issue with this approch is that

  1. You never know if the relevant high/low is within your period
  2. The fibo that you have drawn has maybe already play its role (a retracement has occured) and news levels should be used.

   

  So I’m looking for a way to remove this fixed period, by using a rule. The rule is “if there has been a retracement greater than 50%, and then afterwards the market turns again and break the 50% level again, then a new fibo should be drawn”. I have attached an exemple on the Dax TF4H. Three fibos can be drawn successfully, first the blue, then the red, and finally the white. It means that the fibo which is now relevant is the white one, the two other can be deleted. This is in opposition with the common way to drawn it (11265-11990 vs 11572-11990).

  I have reused  a code of Nicolas, but I struggle to

  1. Add a loop which will takes first the highest high /lowest low, then move to the next high/low if there has been a retracement
  2. I need to add a way via zigzag or anything else to check if we break again the 50%.

   

  Sorry I’m a bit in a rush, but looking forward your advice

   

  defparam drawonlastbaronly=true ONCE startbar=0 ONCE hh=0 ONCE ll=1000000000 ONCE shifthighest=0 ONCE shiftlowest=0 //shiftlowest=barindex for i = 1000-startbar downto 1 do if high[i]>=hh then hh=high[i] shifthighest=barindex[i] endif if low[i]<=ll then ll=low[i] shiftlowest=barindex[i] endif next // isSwingDown = shiftHighest < shiftLowest if isSwingDown then fullrange = abs(hh-ll) fibo100 = hh fibo0 = ll fibo236 = ll+(fullrange*0.236) fibo382 = ll+(fullrange*0.382) fibo50 = ll+fullrange/2 fibo618 = ll+(fullrange*0.618) startbar1 = min(shifthighest,shiftlowest) endbar=max(shifthighest,shiftlowest) r=255 g=0 b=0 else fullrange = abs(hh-ll) fibo100 = ll fibo0 = hh fibo236 = hh-(fullrange*0.236) fibo382 = hh-(fullrange*0.382) fibo50 = hh-fullrange/2 fibo618 = hh-(fullrange*0.618) startbar1 = min(shifthighest,shiftlowest) endbar=max(shifthighest,shiftlowest) r=0 g=255 b=0 endif if not isSwingDown then blockprice=hh startbar=barindex-shifthighest for i = startbar downto 1 do if low[i]<blockprice then blockprice=low[i] //blockbar=barindex[i] endif next if blockprice<fibo50 then startbar=shifthighest endif else blockprice=ll startbar=barindex-shiftlowest for i = startbar downto 1 do if high[i]>blockprice then blockprice=high[i] endif next if blockprice>fibo50 then startbar=shiftlowest endif endif // drawsegment(startbar1,fibo100,endbar,fibo100) coloured(r,g,b) drawtext(" 100%",endbar,fibo100,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo0,endbar,fibo0) coloured(r,g,b) drawtext(" 0%",endbar,fibo0,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo236,endbar,fibo236) coloured(r,g,b) drawtext(" 23.6%",endbar,fibo236,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo382,endbar,fibo382) coloured(r,g,b) drawtext(" 38.2%",endbar,fibo382,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo50,endbar,fibo50) coloured(r,g,b) drawtext(" 50%",endbar,fibo50,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo618,endbar,fibo618) coloured(r,g,b) drawtext(" 61.8%",endbar,fibo618,Dialog,Standard,20) coloured(r,g,b) return

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103

  defparam drawonlastbaronly=true   ONCE startbar=0 ONCE hh=0 ONCE ll=1000000000 ONCE shifthighest=0 ONCE shiftlowest=0       //shiftlowest=barindex for i = 1000-startbar downto 1 do if high[i]>=hh  then hh=high[i] shifthighest=barindex[i] endif if low[i]<=ll then ll=low[i] shiftlowest=barindex[i] endif next     // isSwingDown = shiftHighest < shiftLowest   if isSwingDown then fullrange = abs(hh-ll) fibo100 = hh fibo0 = ll fibo236 = ll+(fullrange*0.236) fibo382 = ll+(fullrange*0.382) fibo50 = ll+fullrange/2 fibo618 = ll+(fullrange*0.618) startbar1 = min(shifthighest,shiftlowest) endbar=max(shifthighest,shiftlowest) r=255 g=0 b=0 else fullrange = abs(hh-ll) fibo100 = ll fibo0 = hh fibo236 = hh-(fullrange*0.236) fibo382 = hh-(fullrange*0.382) fibo50 = hh-fullrange/2 fibo618 = hh-(fullrange*0.618) startbar1 = min(shifthighest,shiftlowest) endbar=max(shifthighest,shiftlowest) r=0 g=255 b=0 endif     if not isSwingDown then blockprice=hh startbar=barindex-shifthighest for i = startbar downto 1 do if low[i]<blockprice then blockprice=low[i] //blockbar=barindex[i] endif next   if blockprice<fibo50 then startbar=shifthighest   endif   else blockprice=ll startbar=barindex-shiftlowest for i = startbar downto 1 do if high[i]>blockprice then blockprice=high[i]   endif   next   if blockprice>fibo50 then startbar=shiftlowest endif endif //       drawsegment(startbar1,fibo100,endbar,fibo100) coloured(r,g,b) drawtext("          100%",endbar,fibo100,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo0,endbar,fibo0) coloured(r,g,b) drawtext("          0%",endbar,fibo0,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo236,endbar,fibo236) coloured(r,g,b) drawtext("          23.6%",endbar,fibo236,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo382,endbar,fibo382) coloured(r,g,b) drawtext("          38.2%",endbar,fibo382,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo50,endbar,fibo50) coloured(r,g,b) drawtext("          50%",endbar,fibo50,Dialog,Standard,20) coloured(r,g,b) drawsegment(startbar1,fibo618,endbar,fibo618) coloured(r,g,b) drawtext("          61.8%",endbar,fibo618,Dialog,Standard,20) coloured(r,g,b)   return

   

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  stefou102

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  08/30/2019 at 7:31 PM #105950
  Vonasi

  stefou102 – Perhaps it is better to only post topics when you are not in such a rush!

  Surely pressing the return button and using shift to get a capital letter or two wouldn’t have taken too much extra time and would have made your post actually readable. I’ve edited it and inserted your numbered points in a more readable way. 🙂

  

  Vonasi

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  08/30/2019 at 8:07 PM #105952
  stefou102

  Yes you right Vonasi my apologies…thx for making it clearer. My girlfriend was yielding at me to go out so I had to finish a bit in a hurry

  

  stefou102

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  09/02/2019 at 10:07 AM #106199
  Nicolas

  Sorry but is this code is already working or .. ? These 3 successful plotted fibos zones were made by the indicator or by hands?

  

  Nicolas

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  10/01/2020 at 5:55 PM #146120
  Copperwave

  Hi Guys – I see this has been quietly gathering dust till I stumbled upon it. The code above only does one pass. The graphic is hand drawn. I do this manually (it is my go-to trading strategy) but having the platform identify the 50/61.8% fib levels in this manner, (i.e not bar based but price action based) would be very useful.

  Best regards

  //Copperwave

  

  Copperwave

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  10/02/2020 at 8:16 AM #146142
  Nicolas

  In understand, but what tops and bottoms to use in order to plot the first High/Low levels retracement?

  

  Nicolas

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  10/02/2020 at 11:58 PM #146257
  Copperwave

  Hmmm, good question…I think the problem is we are using lagging logic to try and identify leading levels. Is there a hybrid approach that could work?

  Lets say the largest (initial) high/low is found somewhere in the last 50~100 bars and we are looking for a retracement for a long. If price retraces under then over the 50% of the initial range, (but doesn’t exceed the 61.8% or 76.4% levels) the swing low/high created by this price action becomes the next fib range…all subsequent fib ranges are indexed off this initial fib range. If the 76.4% levels do get broken, then this starts a new fib high/low in the opposite direction.

  I hope this makes sense. In the graphic above, the first fib range (in blue) could be anywhere (n) bars back but if the retracement was valid there would be other ones following it (well I suppose at least 1)…It is almost like using your 61.8% retracement indicator but nesting or looping additional ones off of it…(if only I could code…!!).

  BR

  //Copperwave

   

   

  

  Copperwave

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