Can anyone here add an option to switch between drawing Fibonacci Retracement and Fibonacci Projection/Expansion or create a separate version of this indicator that draws Auto Fibonacci Projection/Expansion instead of Retracements? I really like the fibo retracement 1.01.mq4 and its on/off button version Fibo Retracement button 1.01.mq4 attached below so Fibonacci Projection/Expansion versions of these would be great. Otherwise, if there is already a similar indicator that can draw Fibonacci Projection/Expansions then can someone please point me to it since I couldn't find one. Thanks. Just so there is no confusion, the definitions of Fibonacci Retracement/Extension and Projection/Expansion are clearly shown in this image.
Types of Fibonacci - Retracement/Extension & Projection/Expansion
Edit: I'm very interested in an auto Fibonacci Projection/Expansion version of this indicator because one of the strategies I use is in an up trending market, for a long trade, after retracement from the previous high, and after the price resumes in the direction of the up trend, I trade the break of that previous high with the 100% projection/expansion as the take profit target. I prefer to use the more conservative Fibonacci Projection instead of the Fibonacci Expansion as shown in the image above. So with a multi-timeframe auto Fibonacci Projection/Expansion version of the attached indicators, it would be very easy to see if the same type of break has occurred on other timeframes to support this trade bias as a Fibonacci Confluence of this setup. Of course the opposite will apply for a short trade after retracement then the break of the previous low. Try it for yourselves and you will see how consistent and profitable this strategy is. It's much like this Fibonacci Golden Zone Strategy: app.php/attach/file/3320411 except that you will be trading the break of the previous high for a buy trade instead of the retracement and vice versa for a sell trade. So I do hope someone can modify this indicator as an Auto MTF Fibonacci Projection/Expansion indicator. Thanks.
mrtools wrote: ↑Wed Aug 22, 2018 9:24 amAdded another fibo.Kyo wrote: ↑Wed Aug 22, 2018 3:32 am
Dear Mr Tools,
Are there any chances to add third fib to this great indicator?
At present it draws two fibs the actual and previous one, according to zig zag input.
Is it possible to add one more fib to draw, so what I think is the possibility to draw 3x fibs :the actual fib (first), previous fib (second) and fib previous to it (third - the new one).
When you using the indi on lower TF’s 5-15 zig zag redraws more often and three fibs will be optimal. I know you can extend the input in zig zag but the effect is not the same.
Thank You for your answer, work and time!!
All the best