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Hi, I am interested to draw fib lines on RSI. A search on the net
yielded this formula for Tradestation. Can any one help me with
Metastock formula please.
Thanks
Tradestaion formula=
inputs:
LookbackLength( 400 ),
RSILength( 14 ),
Fib1( 23.6 ), {OR 50}
Fib2( 31.1 ), {OR 68.9}
Fib3( 100 ), {OR 0}
PlotRSI( true ) ;
variables:
RawRSI( 0 ),
RangeHigh( 0 ),
RangeLow( 100 ),
ChartRange( 0 ),
Trendline1( 0 ),
Trendline2( 0 ),
Trendline3( 0 ) ;
RawRSI= RSI( Close, RSILength ) ;
if BarNumber > LookbackLength then
begin
RangeHigh = Highest( RawRSI,LookbackLength ) ;
RangeLow = Lowest( RawRSI, LookbackLength ) ;
ChartRange = RangeHigh - RangeLow ;
Trendline1 = Fib1 / 100 * ChartRange + RangeLow ;
Trendline2 = Fib2 / 100 * ChartRange + RangeLow ;
Trendline3 = Fib3 / 100 * ChartRange + RangeLow ;
if PlotRSI then
Plot1( RawRSI )
else
Plot1( RangeLow + ChartRange / 2 ) ;
Plot2( TrendLine1 );
Plot3( TrendLine2 ) ;
Plot4( Trendline3 ) ;
end ;
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