Do you guys know if it's possible to edit the "Fibonacci Time Extension" in NT. I would like to use it with range bars. The only problem is that it plots the range bars instead of the time period. For i.e if, the measurement from the top of the wave starts at 10.00 and it includes 15 bars, and ends at 11.00, it ought to be giving me an extension of 1:1 for i.e at 12.00 (60 minutes). Instead it measures the range bars, and it gives me 1:1 when 15 range bars have passed.
Does anyone have a solution?
Thank you in advance!
george i know of no way to get the fib time extention tool to count bars or time - i know ensign can do that
however, nt fib time ext tool is not so bad if you use it properly - such as, the es made a hit at a sq9 from the low of 1043.75 to aprox 1060 (1060 is also a harmonic octave) - and, then if u do a fib phi (161.8%) u get the next cycle - now, if you count the bars bars in between the cycle you get a fib bar count of aprox 34 - its a projection to look for the next cycle to occur
Thanks for your answer. I want to use it with AB = CD's, in order to project wave BC. Do you use these patterns yourself by the way? And do you know if there are any indicators (Harmonic) that can be used with NT?
davidHP - im familiar with the auto fibs in ensign but if i may ask - what is it that you're trying to accomplish with an auto fib
here is a description of a 'crown pattern' that will not show up in auto mode - im using a 15min es to demonstrate (crown pattern is similiar to a head and shoulder pattern)
1. price had made a swing low on monday at 1055.75 then on tuesday it made a swing high at 1066
2. using your fib retracement tool you wud anchor to that low of 1055.75 to that swing high of 1066 to find fib 1.272 low of 1053.25 as in pic 10 (fib 1.618 is acceptable)
3. when price found support at fib 1.272 1053.25 you wud then use your fib retracement tool to find the golden ratio fib .618 - or, very close to that fib .618
4. we now see that price retraced to 1061.25, by using the fib retracement tool -pic 11
5. at fib .618 retracement concludes the 'crown pattern'
my point is - merely using a auto fib tool is not very helpful unless you have a specific pattern you may have in mind to be watching for
I'm creating an indicator for a friend in eminiaddicts trading room. The system they trade uses the 50% fib retrace on 233 tick / 15 min charts. The auto fib was requested to allow them to be auto drawn with alerts (sound and screen).
(I think the guy wants to be alerted while at work without the boss knowing he is trading while at work.)
So the pattern is trading to a high and then retracing 50% for an entry without breaking the 62 fib. The alert would trigger when the 50% was broken and/or 62 violated.
I've considered the swing indicators suggested but I'm thinking that having the fibs anchored on the right margin may be a better option since the object is to see the price approaching the 50% fib. It would be kind of like the pivot indicator only dynamic with the last wave or with a user defined 0% and 100% levels.
I've used the auto fibs in Ensign and I've found that they usually redraw at the most inconvenient times.