Sunday, August 31, 2014

Fibonnacci Gridding

A auto fibbing tool was always in plan to do.

but now i am developing an indicator which could be potentially be used for Fibbing. The Key is not to have any other indicator. With this indicator you will have all Fib levels from most significant to least significant based on the time frame.

- GL

Using Zig Zag indicator output for the last swing, fib grid the entire chart. On this chart, all the lines are  plotted, which may not be necessary. For example, in the following hourly chart, its clear how the purple and black lines were significant. Similarly, going lower can give you much of a trading advantage with the orange lines. Going higher in time frame, will eliminate the need for orange, purple lines.

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