Fibonacci tool

Is it possible to make a fibo tool like the one shown in this video for MT4? Goto 16 minutes 15 second to see the tool in use through 17:25. It basically draws the 38.2 & 61.8 levels.

http://www.hawaiiforex.com/index.php...152&Itemid=202

it's been awhile since i've done any semi-serious mql, and i'm at work so haven't watched the vid... but mt4 tools work differently to what it is possible to actually code in mql. to replicate any sort of fib-like tool i believe you would firstly have to create some way of simply setting start and end points with some form of mql objects, and then simply doing whatever mathemagic from there. i'd be testing each tick to see if the two objects still exist in case some nubcake deletes one of them off the chart for some grand reason. if objectexists < 1 then create it and set its x pos to the latest bar and the y pos to it's high or low or whatever.

i do not believe there is any way at all to have it visually appear like mt4 does it because it's running of a script which triggers per tick vs script or code that continuously runs and can redraw when needed.

probably not the answer to your question so maybe i'll watch the vid when i get home.

Hmm,

Do you think this might just be another system with no more or less merit than another? Just to stray off topic for a second.

If a market maker hedges each trade with a trade in the opposite direction to the trader the net value of the market move should be zero. Therefore the majority of small retail traders don’t move the market at all, even considering the collective power given by the sheer numbers.
So who or what is moving the markets. Its the professional traders on ECN the banks and large corporations! If we want to trade in the same direction the system we small traders need is the one they use.

Their system is about reading the average trader. So what does the average trader do.. puts a stop order in just below the fibonacci level. How often do you see the trading bounce at the fibo level but still penetrate it enough to take out stops?
How often do you see the market sneak up or down at zero hundred hour GMT or at low volume, just long enough for people to commit to an early trend before the market reverses.
As far as I can ascertain, the professionals use pivots and fibo extensions along with volume(tick count) and CCI. Aside from that they seem to look at interest rates , mergers and acquisitions and daily charts.
Seriously, I don't think they are looking at this guys system and even though he has given a couple of examples. I believe you would be better off with Pivots used with fibonacci to find the area he is talking about.
These are just my thoughts feel free to shoot me down.

Here is an image in TradeStation. This one includes the Expansion (a-b-c) at the far right and the retracement levels from F to R1, R2, R3 (not shown), but you can see the 32.8 and 61.8 level for each fibo that is pulled.

http://w1.921.telia.com/%7Eu92110615/QQQ-ex-01.gif

It's not so much the system I'm after vs. a very clean chart with multiple fibonacci levels. By the time you pull 3, 4, 5 fibo's on your chart you have big mess of lines. This just cleans it all up.

hey las..... mini fibs..... neat idea and clearly can see the point......

haven't had time to watch the video so can't say for sure about it......

but what you have posted here in tradestation is definetly doable in metatrader.... would take some time, but can be done.....h

need to make 2 or 3 scripts? one to construct based on a rayed trendline, one to modify if TL extended/shortened, one to delete?

no.

you need one indicator only.

all you want is an indicator that dumps 6 objects on the chart, 3 for start and 3 for end. iterate each tick to see where the leftmost start object is and leftmost end object is (testing for erroneous values such as an endmost that is left of the starting object) and from this you can get your range for the first fib. middlemost is same process and rightmost is same process.

from this you could then have 3 buffers setup as dotted lines and have them visible from the leftmost object to time[-1] and set at value of the high or low of the bar at the leftmost object (depending on if leftmost end point is above or below). from there you can drop a text object specifying whatever levels you wish to show in the set range... and so on blah blah.

that'd be how i'd approach it as a first go.

edit : or even easier would be to use a rectangle object, and then just dump the mathemagic values into time[-1] for the leftmost ending rect, and so on.

How many man hours of work would you folks think it would take to make something like this?

too goddamn many when there are better things to spend time on like beer and womenz, or xbox

Bump. Anyone think they can program this?

I found an indicator that is very close to what I'm looking for, only this one automatically puts in the trends lines and I would like to change it so they are manually drawn along with some other changes. Anyone think they can tackle this?



.

Just bumping this.

Still searching all over the web for something closer to the original indicator.

Here you are...

All the best

Xard777

auto fibo line mql4

auto fibo line mql4