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An important aspect is to see FIB as support and resistance that are
maintained over months or years. I wouldn't want it any other way but right
extended. when you see support and resistance at a level watch how it plays
into future prices. We are using it for prediction not just to measure
retracement. The future lies to the right of the chart.
Richard Estes
http://www.intop.net/~restes/
-----Original Message-----
From: Erika Toth Fluke <Erika@xxxxxxxxxxxxxxxxx>
To: 'Lionel Issen' <lissen@xxxxxxxxxxxxxxxx>
Cc: Metastock 6. 0 (E-mail 2) <metastock-list@xxxxxxxxxxxxx>
Date: Thursday, February 26, 1998 3:17 PM
Subject: RE: Fibonacci Lines in MS 6.5
>Hi Lionel and everybody else,
>
>Thanks for your responses.
>Clarification of the Fibonacci Indicator
>
>1. I would like to easily identify the different levels of the Fibonacci
>lines (23.8%, 50% etc). Gives precise values.
>2. When I use the Built in Fibonacci levels I did not find the way to "turn
>it off" after specific date. By default it is Right extended, which makes
>the charts overloaded with lines if I leave more than one set of Fibonacci
>lines on the chart.
>3. The Fibonacci Indicator helps me identify the Elliott waves in different
>phases of the market. (I can use different zig-zag%)
>4. I have not tried but I hope I can use it in system tests to setup exit
>points or entry points depending on the retracement levels by adding the
>specific variable name in the system tester.
>
>Is there anything that is not sound from the above, because I use the
>Zig-Zag indicator.
>Any other idea is welcome.
>
>Profitably,
>
>***** Erika ***** :-)
>
>-----Original Message-----
>From: Lionel Issen [SMTP:lissen@xxxxxxxxxxxxxxxx]
>Sent: Thursday, February 26, 1998 10:59 AM
>To: Erika Toth Fluke
>Subject: Re: Fibonacci Lines in MS 6.5
>
>Erika:
>
>Can you clarify what you are trying to do. I assume that the built-in
>Fibonacci functions do not meet your needs.
>
>Lionel
>
>At 07:32 AM 2/26/98 -0800, you wrote:
>>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 ***** :-)
>>
>
Attachment Converted: "c:\eudora\attach\Richard T. Estes Jr.3.vcf"
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