Need Fibonacci expansion formula for programming in MT4

Hi guys,

I'm looking for the actual formula for calculating Fibonacci expansions.

I need the formula to take all three points into account, A, B and C.

Thanks for your help!

HI Chris,
I found this thread while looking for a fib expansion formula myself, and wondered if you could help.

I've seen some people display fib expansions using only two points i.,e. swing high/low, and I've seen fib calculators which only use two points and some use three points i.e. high, low and retracement. These two methods produce different results.

I've asked site owners who purport to know about fibs how they calculate expansions and the replies basically say that I should use a method that suits me!

So, if the fib ratios are derived mathematically, why is there not just one way to calculate fib expansions? And some use the term 'extensions' too; are they just different words for the same thing?

Hope you can shed some light on the problem


Mike

Credit to FXKnight.com - If this is what you are looking for..... works in meta trader but figures are figures

Translates to this

Hi,
Thanks, I already have those figures. How do you know they are correct? If the MT4 tool requires the 3rd point to be put on the retracement from the swing, how can just using those figures produce the same result? I know they don't...you can try it yourself and verify that.

When using the MT4 expansion tool, different expansion levels are produced depending on the depth of retracement, so how can adding static negative numbers to the retracement tool produce the same results?

This is what is baffling me. Various 'experts' use different methods to calculate fib expansion levels....a bit 'suck it and see what happens'!

Anyone shed some light on this please?

Thanks

Mike

I know they are correct because I use fibs and this setup - during every trade, FX Knight is one of the best out there in my opinion for fib usage.........

Our rules of trading fibs may be different to how you use them but the figures work as you can see in the example, I just pulled a chart and threw a fib on it, look at the snaps on this chart to the fib ratios stopping dead on the 261.... You can change the numbers in MT4 to suit........

If you want the fib extensions because you believe price is going long pull from low to high, if price is bearish and you want the extensions to the short side pull the fib down, the extensions will appear as in the example I threw up in 5 seconds

If you want to learn about fibs let me know and I can point you in the correct direction

********* I think what you are asking is how to use them, in this thread I wont go into all our rules for fibs and take profit levels based on the retrace between point A and B - just You tube FX Knight fibs and you can see his free videos......*************

Select
DrawFib=1
ExtendFib =1 - - -to increase levels
FibTimeRef will set to zigzag time level of the channeles

Methods are

DrawFib()

FibLevels are in array fibLevels[]