Fibonacci Lines in MS 6.5

[Erika Toth Fluke <Erika@xxxxxxxxxxxxxxxxx>]

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:
Piv#11 - Fibonacci Levels

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 ***** :-)