Have any of the myriad of genious programmers ever considered creating an auto fib level tool? Perhaps it could have various settings for sensitivity to determine what constitutes a swing high or a swing low. And perhaps, for confluence it could mark a user defined look back- 2 swings, 3 swings, 4... etc. I've always found that Range charts or Renko charts are the easiest and clearest way to identify a swing high or swing low. These tired old eyes has a little harder time seeing it on time based charts. Just a question...
I was just thinking that maybe instead of trying for some tool to identify the swing perhaps the user could fix the swing according to date and/or time. One day back; three days back; Six days back or 1 hr ago; 30 min ago etc.
I would be really interested in this, if such a strategy exhists defining the tend change and showing retracements, something like the XavPriceActionTrend indicator without the range markers/boxes and using the auto fib retracement indicator to show retracements.
If trending down and price consolidates indicated by the print from the above indicator, it would be nice if a strategy took all the above and allowed us to set trade entry rules using the fib level i.e if price touches the 61.8 fib and reverses enter short and use extensions to mark targets.
Sadly I cant program a thing,
maybe someone could help with this, when the indicator shows price is trending activate auto fib and enter trade short when price retraces to a certain level and then.