Dynamic Fibonacci Retracements

Author: Brad Konia
Contact: brad@hostland.com
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Posting Date: 7/20/2009 Download Count: 259
Category: Indicator Rating: (3 votes)
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Summary:
Draws Fibonacci retracement lines and automatically updates them after each new
bar completes.

This script improves upon the Fibonacci retracement drawing tool that's built in to
Wave 59. The standard drawing tool requires you to select starting and ending
points in order to draw the retracement lines. If the ending price makes a new high
(or low), you have to manually move the ending price hotspot to the new price level.

With this script, you select a starting price only and specify a direction (1 or -1). The
script then automatically draws the Fibonacci retracement lines based on the
highest high (or lowest low) after your starting hotspot. At the completion of each
bar, the script checks to see if a new high (or low) has been made, and if so, it
automatically updates the retracement levels.


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