UPDATE to the UPDATE: After AutoFibLevels flatlined with last weekend’s TOS release, I had to re-write the script to entirely remove the ZigZag function. After a week in the ThinkScripter laboratory fueled with generous amounts of Shiner Bock, the script lives again and has several enhancements. As before, the AutoFibs will automatically draw a set of user-defined fib levels and extensions based on the previous swing high and low. The user defines the price/percentage reversal required to establish a reversal has occurred. The new version is now functional on all charts/symbols including FOREX.
UPDATE : This script had been rendered inoperable as of 12 Dec 09 due to changes in the TOS ZigZag function. I will leave it posted as a reference for coders to examine the script methodology. The new version does not use the Zig Zag and is available to PRO Subscribers.
Ever found yourself trading a very fast paced market and wanted some reference to the Fibonacci retracements/extensions but didn’t want to keep drawing and erasing them using the standard ToS tool? I have – so I created the AutoFibLines study. AutoFibLines looks for price reversals greater than a user defined threshold and then captures the swing highs and lows. Using these levels, it then plots a series of seven user defined Fibonacci ratio levels as well as the previous swing high and low. The Fibonacci ratios are fully user configurable and can be both positive numbers (in the direction of the current price swing) or negative numbers (opposite to the current price swing). The Fib levels are plotted in the empty space to the right of the current bar and so you must have some “Right bars” specified in the style settings. The study updates continuously with price action so there is no user interaction required beyond initial configuration. You can run multiple copies of the study with different reversal thresholds specified to see major, minor, and micro levels at once.