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It is like any other indicator in that you need to learn the nuances before it is to be trusted. Unfortunately it will not indicate what level will act as support or resistance. You will need to incorporate other Technical Analysis to aid in that decision making. If you find something with a high accuracy rate please share!
Forgot, currently I only use this on ES. Have not explored other instruments. If you find something interesting please share.
However, I'm not sure how to modify the built-in Fib Ext command to give your customized price levels. This is for extensions but it's using retracements...
I created an Indicator that will show the Fib Extension Levels. Just waiting to test it Real Time today before I post it.
It will required some changes to the Chart Properties Window SessionBegins and SessionEnd times for it to work correctly. See the images below. You may need to have a dedicated chart just for this indicator.
I DO NOT use this indicator by itself. I always look at other Techs to confirm that a level will hold. Using it as a stand alone for trading decisions can be vey dangerous.
I am hoping that the community will take this to the next level by demonstrating what other Indicators will best confirm that a level will hold.
UPDATE:
As with any indicator from an untrusted source Please DO NOT install this indicator if you are in a "Real Money" trade. It works on my computer but that does not mean it will work on yours.
It is very important that you set your chart properties as shown in the image below for this to work correctly. I am still trying to build a better mouse trap but as of today have not been successful.