Hi everyone, I need an indicator designed for a technique that uses the fibonacci projections drawn on heiken ashi candles. Fibonacci projections should be based on the wicks of some heiken ashi candles. In particular, the relevant ones are selected by counting the number of consecutive candles of the same color and chosing the last relevant one. The relevant candles are the numbers 3, 5, 8, 10, 11, 13, 15, multiples of 5 (20, 25, 30 and so on). Furthermore, the relevant candle should represent a low/high compared to a certain number of previous candles (it could be 48 previous candles but if this were a modifiable variable it would be better).
Using the wicks of these candles the important projections to be drawn are 0, 100, 161.8, 261.8, 423.6, 847.2, 1270.8, 2541.6, 3812.4.
These levels are really important and are regularly respected by the price.
An image worth a thousand words. This is what the indicator should look like.
Thanks to anyone is gonna help me.
Using the wicks of these candles the important projections to be drawn are 0, 100, 161.8, 261.8, 423.6, 847.2, 1270.8, 2541.6, 3812.4.
These levels are really important and are regularly respected by the price.
An image worth a thousand words. This is what the indicator should look like.