Gold Customer
Joined: 11/9/2009 Posts: 36
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Is there any way i can create a indicator that will automatically indicate fibonacci levels on a smaller time frame lets say a 5min from yesterdays daily candle from yesterdays high and lows?
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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Not really. If you know it is ten 5-minute bars into the new trading day you could find the level than is 23.6% of the way from the low to high of the previous trading day.
.236 * MAXH78.10 + .764 * MINL78.10
But you would need to have a different formula for each bar of the trading day because there is no way to determine the time of day from within an intraday Personal Criteria Formula.
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Registered User Joined: 3/10/2012 Posts: 465
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Bruce in this topic
I used your formula and modified to this .236 * MAXH79 + .764 * MINL79 checking fib value at 23.6 fib ratio in past 79 days ... but what will be the formula for checking FIB VALUE in past 79 days for FIB RATIO 1.27 and 1.618
Thanks
Dhiren
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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The basic form is:
MINL79 + x * (MAXH79 - MINL79)
Where x is the fib ratio value converted from a percentage.
So the original is just:
MINL79 + .236 * (MAXH79 - MINL79)
Or:
.764 * MINL79 + .236 * MAXH79
When we use 1.27, we would get:
MINL79 + 1.27 * (MAXH79 - MINL79)
Which shortens down to:
1.27 * MAXH79 - .27 * MINL79
And when we use 1.618 we would get:
MINL79 + 1.618 * (MAXH79 - MINL79)
Which shortens down to:
1.618 * MAXH79 - .618 * MINL79
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Registered User Joined: 3/10/2012 Posts: 465
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Excellent Bruce
Thanks once again
Dhiren
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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You're welcome.
-Bruce Personal Criteria Formulas TC2000 Support Articles
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