Automatic Long and Short Fibonacci Level Indicators for ThinkorSwim

[chewie76]

@chewie76 : Thank you for this wonderful study. I'm looking for some automation of fib confluence levels. The idea is as below

1. Draw prior day high to low or low to high fib levels
2. Draw pre-market high to low or low to high fib levels
3. Draw extension projections ( high to low or low to high )
4. Keep only the co-efficients where the price almost meets ( confluence )
5. If price is near confluence area and 5/13 ema cross over to downside then short or vice versa.

Please see the idea in the follow graph along with some notes. Is this possible to do automated fashion or atleast draw the fib levels and i can clean up the non-confluence areas.

This indicator shows shorts and long positions, so it may be the closest thing you'll find. Not sure how to get it to what you manually drew. May have to keep searching or draw manually.

 

[lolreconlol]

hey @chewie76 this looks great! Do you notice any timeframes work better on this than others? Should it be used with extended hours off? I put it on my chart towards the end of the day today.. any idea why a down arrow didn't appear on SPY around 3:45 PM? Do I need to change something in my settings? It showed the zscore down arrow but no fib arrow. Just noticed the same on NVDA today, 1 day 5 minute chart.. there was no up or down arrow

https://imgur.com/a/yVmzKr8

 

[chewie76]

hey @chewie76 this looks great! Do you notice any timeframes work better on this than others? Should it be used with extended hours off? I put it on my chart towards the end of the day today.. any idea why a down arrow didn't appear on SPY around 3:45 PM? Do I need to change something in my settings? It showed the zscore down arrow but no fib arrow. Just noticed the same on NVDA today, 1 day 5 minute chart.. there was no up or down arrow

https://imgur.com/a/yVmzKr8

I'm not sure why it didn't show an arrow when it broke lower on both tickers. I have noticed that sometimes it doesn't show. It did hit the target though on SPY. I would keep testing different time settings as you see fit based on your trading style. I use extended hours on.

 

[lolreconlol]

I'm not sure why it didn't show an arrow when it broke lower on both tickers. I have noticed that sometimes it doesn't show. It did hit the target though on SPY. I would keep testing different time settings as you see fit based on your trading style. I use extended hours on.

Thanks! Looking forward to trying it on Monday. Do you ever try to time the reversal and buy calls/puts when it gets near 100% and hope it doesn't break, or do you typically wait until it breaks 78.6%?

 

[chewie76]

Thanks! Looking forward to trying it on Monday. Do you ever try to time the reversal and buy calls/puts when it gets near 100% and hope it doesn't break, or do you typically wait until it breaks 78.6%?

I wait till it breaks. You can set an order in advance if you want.

 

[j007]

I wait till it breaks. You can set an order in advance if you want.

You may want to take a look into the Laguerre with targets indicator? Worth a look.

 

[profitmaya]

Does this work for /ES futures as well? May I know why short arrow is not generated on the 1 minute timeframe after the price breached 78.6

Also, may I know why/when the fresh long fib's will be drawn?

Please check the below link to the chart that I'm referring.
http://tos.mx/5e06U18

 

[mtlyon23]

why is it that only some buys/sells get the arrows on the cross of 78.6 but others don't?

 

[JIMDAVID99]

You can create a scan and have the arrow as true on any timeframe. I like the 4hr and 30 min chart. Then create a watchlist from the scan.

I down load this indicator. How can I add to scan on TOS? Thank you

 

[JIMDAVID99]

How can I increase length of fib lines which are close to price axis? I have all level bubbles covering candles. Thank you

 

[predictably-irrational]

Thanks so much!

 

[BBalan]

All other Automatic Fib indicators look at the past, measure a previous high and previous low and give you levels. This indicator looks into the future and gives you possible high and low price levels. The Automatic Fibonacci Levels are two indicators, one for long positions and one for short positions. Up and Down arrows show entry signals when price crosses the 78.6% level. Entry signal alerts are included. This can be used for both swing trading and day trading based on the t

Shareable Link:
Long position:
http://tos.mx/AyuB4pQ

Short position:
http://tos.mx/1IJ4a4L

@chewie76

I know the post is old but if you're still here I am curious what is the best way to determine whether it should be set up long or short or are you using both studies together and watching the trend line and dominate contacts? I ask because TOS has canned Fib and they automatically decide whether you should be short or long based on criteria they've input I don't know how they decide this but it seems to be more accurate than just deciding if I should be long or short. I know that most traders are not even aware that you flip the Fibonacci over depending on which way you're trading. other than a visual confirmation of trend and pivot points I'm curious if there is something I was missing here.

TOS has been incredibly accurate but they're limited in the adjustment of study. For starters, the bubbles sit right over the moving candles. Nice job btw this is the one I've been using now you obviously saw their issues. For now to simplify and save time I use the canned TOS auto fib to determine long or short strategy first and then I delete it and use these beautiful fibs, Thanks

 

[predictably-irrational]

How long does it take for something on the 30min to play out in your experience?

Also, is there a way to extend the fib lines further out because it blocks the price at the moment.

 

[predictably-irrational]

Chewie you are a genius man.

 

[chewie76]

@chewie76

I know the post is old but if you're still here I am curious what is the best way to determine whether it should be set up long or short or are you using both studies together and watching the trend line and dominate contacts? I ask because TOS has canned Fib and they automatically decide whether you should be short or long based on criteria they've input I don't know how they decide this but it seems to be more accurate than just deciding if I should be long or short. I know that most traders are not even aware that you flip the Fibonacci over depending on which way you're trading. other than a visual confirmation of trend and pivot points I'm curious if there is something I was missing here.

TOS has been incredibly accurate but they're limited in the adjustment of study. For starters, the bubbles sit right over the moving candles. Nice job btw this is the one I've been using now you obviously saw their issues. For now to simplify and save time I use the canned TOS auto fib to determine long or short strategy first and then I delete it and use these beautiful fibs, Thanks

I've used both on the chart at the same time.

 

[predictably-irrational]

I've used both on the chart at the same time.

What do you do when there are conflicting signals?

 

[chewie76]

What do you do when there are conflicting signals?

I'd wait until the market picks a direction, or look at a different timeframe for clues.

 

[Chemmy]

Hey @chewie76 , I've been using this indicator the past few days and I really like it so far for swings! One question that I've been trying to discern from the code though is, is this study giving signals based off the retest of the .786 fib after each pivot high/low? And if so, is there a way that you could adjust this to fire off of a .618 fib test (or any of the fib values)?

Thanks so much for your work on this!

 

[chewie76]

Hey @chewie76 , I've been using this indicator the past few days and I really like it so far for swings! One question that I've been trying to discern from the code though is, is this study giving signals based off the retest of the .786 fib after each pivot high/low? And if so, is there a way that you could adjust this to fire off of a .618 fib test (or any of the fib values)?

Thanks so much for your work on this!

Yes, you just have to change the up and down arrow in the code to a fib you want to trigger.

 

[Bees]

yes, that's it. no setting for offset.

@chewie76 I have added the study to the scan. However, I do not see any results. anyone having the same issue?