hi Bruce, i want to creat an indicator which hilights 2 zones (one above the days range and one below)

We first calculate the daily range which is the high minus the low. Once the true range is calculated we multiply by the Fibonacci Range Expansion ratio of 1.618. We then add and subtract this factor from the close to get the upper and lower Fibonacci range expansion values.

Can we creat such an idicator?

You should be able to add a Custom PCF Channel Indicator to the chart to do this. You would add it like you would any other indicator.

Adding and Moving Indicators

Once the Custom PCF Channel Indicator is plotted on the chart, you can click on it and select Edit to adjust its settings.

The settings you appear to be describing are very similar to the defaults. As a matter of fact, since the Indicator Line Formula is already C and the Channel Width Formula is already H - L, you could theoretically set the Width Multiplier setting to 1.618 and be done with it. Unfortunately, the Width Multipler setting gets rounded to two digits past the decimal and will get rounded to 1.62 instead.

With this in mind, the setting you appear to want would be:

- Period: 1
- Average Type: Doesn't matter (because the Period is 1).
- Width Multiplier: 1.00
- Indicator Line Formula: C
- Channel Width Formula: 1.618 * (H - L).

One note is that H - L is actually range and not true range. If you want to use true range instead, you would need to change the Channel Width Formula to:

1.618 * (H - L + ABS(H - C1) + ABS(C1 - L)) / 2

Sorry Bruce maybe i didn't explain well. We want to use the range of the previus day. What i want is actualy 2 chanels with horizontal lines. One chanel covers an aeria above the price range and the other chanel covers an aeria below the price range. With the formula you gave me i get only one chanel which covers the price range. Here is an ex. to help you understand what i am looking for:

The high was - 92.80 for yesterday
The low was - 92.04 for yesterday
The close was 92.59

We first calculate the daily range which is the high minus the low.
92.80-92.04= .76

Once the true range is calculated we multiply by the Fibonacci Range Expansion ratio of 1.618. Thus .76 x 1 .618 = 1 .2300
We then add and subtract this factor from the close to get the upper and lower Fibonacci range expansion values. The close of the upper Fibonacci expansion value is 92.59 + 1.23 = 93.82. The close of the lower Fibonacci expansion value is 92.59 - 1.23 = 91.36.

Change the Indicator Line Formula to C1 and the Channel Width Formula to 1.618 * (H1 - L1).

That said, I do not understand what you are saying about two channels as you only have the value to add and subtract from the close. This just creates a top and a bottom. You could check the Plot Center Line option to draw a line at the previous close if desired, but I'm not sure if that is what you want or not.