Fibonacci channel indicator wanted.

Can anybody help me please.

Iam looking for a Fibonacci channel indicator, The one in the MT4 insert section is not very user friendly.

It is very hard to draw on a downward trend as it wants to apply the lines to the right.

Also one with diffenert colour lines would be great.

Thanks

Glenn

I have workrd out how to use the indicator, by going into properties but would still be intrested in any indicators files if there are any..


Glenn

The standard fibo tool in MT4 is one of the most powerful i've seen in various platforms i've come across.

My settings are as follows in "Fibo Levels" :

0
0.236
0.382
0.50
0.618
0.786
0.843
1
-0.18
-0.27
-0.5
-0.618

The - numbers will chart extensions beyond the "B"

: ) Thom

accrete

Thanks for the info..

can you advise me I have been using the fib indicators and using the propertise box however I ahve found it will work on one chart once , then it will not work again...

Is there something wrong with the indicator or the man on the computer...

Iam trying to set up the indicator for a downtrend.

Hi Glenn, the standard MT4 indicator, set up with what i posted can be used for long or short, you simply go from your "A" to the "B". The fibo tool will draw the % in the correct fashion if you always start at A and end at B. The below image is using the same fibo tool settings i just changed the colors of the levels. The aqua is from a low A to a high B, the magenta is from a high A to a low B.

: ) Thom

http://www.accrete.com/fx-posts/mispix/atm-fiboexpl.png

accrete

Thanks for that it looks great...will try it out..