Fibonacci retracement and extension
would it be possible to add Fibonacci retracement and extension to the EA Wizard Function calculation tool set?
so we can say
price > X % Fibonacci Retracement
Profit Target = Fibonacci Extension ( 1,2 or 3)
the problem is that in order to compute Fibonacci values you have to place Fibonacci indicator on the chart and set exactly what is the start and end of Fibonacci range.
This is possible in manual trading, but EA doesn’t know where exactly to place Fibonacci, so it cannot compute its values.
what if we set a start point, say at the end of a divergence?
I’d also like to see something like this implemented. I’ve seen a few automatic MT4 indicators that you just drop on the chart and it will create the FIBs, so possibly looking for highest and lowest in a given time period (configurable)?
yes, it should be possible to determine Fibonacci start and end somehow from the chart. But if yu already have Fibonacci indicator that does this then importing it to EA Wizard might be all that you need – if it doesn’t just draw something on the chart but also outputs some values.
To identify the rules to define a start and end, some people use the ZigZag indicator.
Some people manually define it from a swing pivot. This can be defined in numerous ways. It can be 2 candles on left higher/lower than and 2 candles on right high/lower than (5 candle pattern). Some only use one candle on each side is higher/lower than the high of the candle.
Some people even say that not only the highs must be lower than the high of the swing point, but the lows of those same candles must be lower than the low of that swing candle.
Viewing 6 posts - 1 through 6 (of 6 total)