OPEN-SOURCE SCRIPT
Fibonacci Waves
First of all, ignore all other lines in the example chart except the four FAT lines. The four fat lines are the ones that define the fibonacci price leves. The lines have different extension offset to the right. The shortest one is the end of the second wave ( or leg B ), the next one is the end of C, the one following that is the end of D and the final one is the end of the final leg E.
The two input parameters is the start of A and the end of A.
If the start of A is larger than then end of A, the calculated series is a downward trend, else it is an upward trend.
Calculation based on old EWT simple wave expansion by fibonacci sequence.
0.618, 1.618, 0.382
Based on this source:
ino.com/blog/2010/07/elliot-wave-fibonacci-and-candlesticks-part-2/
Best Regards,
/Hull, 2015.05.20.15:50 ( placera.se )
The two input parameters is the start of A and the end of A.
If the start of A is larger than then end of A, the calculated series is a downward trend, else it is an upward trend.
Calculation based on old EWT simple wave expansion by fibonacci sequence.
0.618, 1.618, 0.382
Based on this source:
ino.com/blog/2010/07/elliot-wave-fibonacci-and-candlesticks-part-2/
Best Regards,
/Hull, 2015.05.20.15:50 ( placera.se )
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.