great idea for a 5fib indicator

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ML,

I realize that this is not exactly what you're looking for, but it's the best that I can come up with off the top of my head. Hopefully better than nothing.

David

[EDIT] Re-read your post and learned that you've already tried zigzag fibs. My apologies.
However, I'll leave my post in case it's helpful to somebody else.

Hi David, thanks for the post. i have indeed tried zig-zag fibs, although as you've already noted, they're very slightly different. This idea is a bit like having fractal fib retracements, although not the bill williams indicator type of fractals, i was more thinking of mandelbrot fractals. ie. the russian doll effect of fibs within fibs within fibs etc. It also seems like a fail-safe way to ensure that all of the fibs are always correctly placed. An interesting side effect would also be that if for instance the end of fib 4 went lower than the end of fib 2, then it would all redraw in a way that would aid entry on the first retracement after the breakout, because when fib four breaches the low of fib two, that is then the lowest point after the start of fib 2 so fibs 3, 4, and 5 would all redraw with much smaller price ranges aiding a swift entry on the first retracement that comes along if desired.
ML