Fibo lines bundle up in MT4 after weekly restart | Forex Factory

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Fibo lines bundle up in MT4 after weekly restart

  • #1
  • First Post: May 5, 2013 9:27pm May 5, 2013 9:27pm
See before and after attached file below...any ideas? thx. tp
Attached Image (click to enlarge)
Click to Enlarge Name: 3-31-2013 4-26-55 PMbefore and after sunday reload.gif Size: 112 KB
  • #2
  • May 5, 2013 9:45pm May 5, 2013 9:45pm
Hi,
To solve your problem you will need to give a bit more information, at the moment I have no idea what you are using let alone what timeframe it is set to? One possible cause could be that the indicator is using the current weekly data so at the start of each week the data spread between high and low is very smalll hence the compressed levels or if using the previous days daily data and your broker has Sunday data then the Sunday data becomes the previous day and as it is a very short period of time the distance from the Highest High to the lowest Low is usually quite small hence the levels show as compressed.
Trade what you see not what you hope
  • #3
  • May 5, 2013 9:55pm May 5, 2013 9:55pm
Quoting cja
Hi, To solve your problem you will need to give a bit more information, at the moment I have no idea what you are using let alone what timeframe it is set to? One possible cause could be that the indicator is using the current weekly data so at the start of each week the data spread between high and low is very smalll hence the compressed levels or if using the previous days daily data and your broker has Sunday data then the Sunday data becomes the previous day and as it is a very short period of time the distance from the Highest High to the lowest...
Thanks for Ur reply.

Platform: MT4 Version 4,00 Build 482.

It happens on the minute charts...60 to 1 minute ...quite annoying since i have to redo every sunday.....
  • #4
  • May 5, 2013 10:00pm May 5, 2013 10:00pm
Quoting TraderPablo
{quote} Thanks for Ur reply. Platform: MT4 Version 4,00 Build 482. It happens on the minute charts...60 to 1 minute ...quite annoying since i have to redo every sunday.....
but i set the indicators individually on each minute chart.....dragging/moving it along sideways with price..it works all week no problem with refresh and all...but coming sunday after market opens, they're all bundled up....onto one line.....
  • #5
  • May 5, 2013 10:05pm May 5, 2013 10:05pm
Quoting TraderPablo
{quote} but i set the indicators individually on each minute chart.....dragging/moving it along sideways with price..it works all week no problem with refresh and all...but coming sunday after market opens, they're all bundled up....onto one line.....
the daily weekly charts seem not to be affected
  • #6
  • May 5, 2013 10:08pm May 5, 2013 10:08pm
So are you saying that you do have Sunday data? Its really hard to help as I do not know your setup or what indicator/s you are using. It sounds like
the Sunday data is causing the problem and if that is the case then the indicator/s will need to be altered to allow for that or change to a broker that does not use Sunday as the start of the week.
Trade what you see not what you hope
  • #7
  • May 5, 2013 10:10pm May 5, 2013 10:10pm
Quoting TraderPablo
{quote} the daily weekly charts seem not to be affected
moreover I save the charts individually but when called up after sunday open.....same result bundled....

sorry abt delivering a piecemeal at the moment...but I try to put as much info into subject as possible as go along/remember...
  • #8
  • May 5, 2013 10:12pm May 5, 2013 10:12pm
Quoting cja
So are you saying that you do have Sunday data? Its really hard to help as I do not know your setup or what indicator/s you are using. It sounds like the Sunday data is causing the problem and if that is the case then the indicator/s will need to be altered to allow for that or change to a broker that does not use Sunday as the start of the week.
i get data from mbt and oanda both having same issues....
  • #9
  • May 5, 2013 10:16pm May 5, 2013 10:16pm
Quoting TraderPablo
{quote} i get data from mbt and oanda both having same issues....
i just use the fibos....a few vertical fibos along the different time frames...the minute charts always bundle,,,i talked to both brokers they basically referred/passing the buck to MT4....
  • #10
  • May 5, 2013 10:45pm May 5, 2013 10:45pm
"I just use the Fibos"
By this do you mean the standard MT4 fibo drawing tool? If you draw fibos on an M1 chart then look at the M1 fibo on a H1 chart then they fibos are going to look compressed.
Trade what you see not what you hope
  • #11
  • May 5, 2013 10:52pm May 5, 2013 10:52pm
Quoting cja
"I just use the Fibos" By this do you mean the standard MT4 fibo drawing tool? If you draw fibos on an M1 chart then look at the M1 fibo on a H1 chart then they fibos are going to look compressed.
yes Standard fibos...from drawing tool....drawn individually on different time frame charts as not to get them compressed by changing time frames....
  • #12
  • May 5, 2013 11:13pm May 5, 2013 11:13pm
OK, so what you are saying is you draw fibos on the M1 chart on Friday and when you look at them on Sunday the levels are all compressed?
Trade what you see not what you hope
  • #13
  • May 5, 2013 11:38pm May 5, 2013 11:38pm
Quoting cja
OK, so what you are saying is you draw fibos on the M1 chart on Friday and when you look at them on Sunday the levels are all compressed?
yes on all minute charts 1/5/15/30... drawn before sunday restart .....
  • #14
  • May 6, 2013 12:09am May 6, 2013 12:09am
Quoting TraderPablo
{quote} yes on all minute charts 1/5/15/30... drawn before sunday restart .....
then after sunday restart they are all compressed
  • #15
  • May 6, 2013 12:21am May 6, 2013 12:21am
Without being able to duplicate the problem there is no way for me to look at a solution. If you try the same procedure on the Strategy tester do the
Fib levels still compress? It is not an issue I have noticed when using the Fib tool but then I do not use a Broker that uses a Sunday start perhaps that makes a difference.
Trade what you see not what you hope
  • #16
  • May 6, 2013 12:28am May 6, 2013 12:28am
Quoting cja
Without being able to duplicate the problem there is no way for me to look at a solution. If you try the same procedure on the Strategy tester do the Fib levels still compress? It is not an issue I have noticed when using the Fib tool but then I do not use a Broker that uses a Sunday start perhaps that makes a difference.
i never tried the strategy tester I just use the chart tools.... I dont even kno what a strategy tester is and hw I could apply such to solve this flaw..
  • #17
  • May 6, 2013 12:51am May 6, 2013 12:51am
The Strategy tester is a tool built into the MT4 platform and you can use it to test EAs or indicators using the visual modet. I was just interested to see if the same problem occured on the strategy tester charts because you can draw the fibos on a Friday on the tester charts then see what happens on Sunday, it will not solve the problem but at least it will mean the problem can be duplicated.
Trade what you see not what you hope
  • #18
  • May 6, 2013 1:03am May 6, 2013 1:03am
ok i have to read about it hw to use the strategy tester i don't use any ea's just straight up charting ...for what I thought MT4 would also lend itself very well..but the Forex market is still a kind of a Wild West environment with a lot of shakeouts ahead ...the brokers basically don't give much support when it comes to MT4...i guess it is a necessary evil for them.....I will read the help file this week and may be able to send U a report...I don't do any programming or such. I really do appreciate UR help and time..ur a good man.....tp
  • #19
  • May 6, 2013 1:26am May 6, 2013 1:26am
I may also look for alternative charting software if problem can not be solved.....I used to have Ensign, CQG and others going through the CBOT hardly any issues...direct phone lines to floor and broker with instant pickup.....try that with an FX broker....some do not even have phone lines in place...the others may or may answer way after the train has left the station.....not even sure if they honor stops if sites are down.....incredible...no wonder some of these kids are getting absolutely hammered ...

I'm afraid this type of environment will just invite the Feds...sooner or later......

I'm going to hit the hay now ..and will c what can be done about this quite serious charting flaw....What really surprises me is the we as consumers have to fix problems for the providers, representatives and re-sellers of software..... amazing...to say the least......

Do U have any experience in other charting softw. besides mt? U can PM if U like thanks again. tp
  • #20
  • May 6, 2013 4:28am May 6, 2013 4:28am
Quoting TraderPablo
{quote} then after sunday restart they are all compressed
On Friday you are drawing your Fibs on what turns out to be Saturday and maybe Sunday, when trading resumes after the weekend these days are skipped and your fibs are placed as close to their original position as possible . . . which means they are placed on top of each other . . . if you want to avoid this don't place your Fibs on a place on the chart that will no longer exist after the weekend. either place the Fibs on Friday or what will end up being Monday. Alternatively code an Indicator that runs when the markets re-open on Sunday/Monday that moves these Fibs to Monday for you.
20 pips a day isn't too much to ask . . .
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