Decent Fib Retracement Indicator

[jthom]

I am still yet to find a decent Indicator for the above. The problem is, I use 24 hour session times, and I cannot find a fib indicator to calculate automatically (Making new highs / lows) during the US cash market only. It would also be handy to find a decent Pivot indicator to calculate during the same timeframes.
I have used some provided, but there always seems to be problems.

Any thoughts?


Thanks

[NinjaTrader_Ben]

Hello,

I am sorry, are you asking your fellow traders for a custom indicator or are you saying the NT default indicators are not working the way you want? If it is the latter of the two, please provide me with a screen shot of what you are referring to.

[Harry]

I published a Fib indicator (Fibonacci Cluster). You can set your session as you like by using the indicator panel. The indicator will then calculate Fib retracements from highs or lows during the session only. Which instruments do you trade and what are your needs exactly?

[jthom]

Yeah tried out you're cluster indicator. Very nice, But I get 1000 Fib levels popping up + I dont seem to think the levels are correct.
Am using for ES. Will try and configure more.
Also in terms of working out the correct Pivot points, would it be correct that price would fit more appropriately to Pivots calculated on Pit Daily Data, or on just Daily Data?

[Harry]

Please download latest version of indicators FibonacciClusterV76 and SessionPivotsV71.

FibonacciCluster: Indeed there are a lot of levels. You definitely do not want to have them all on one chart! Before trading you should configure the indicator to your needs:

- Swing highs and lows are generally 5 day highs or lows (applies to Fib levels labeled A to E), 2 to 3 day highs or lows (Fib level labeled S), or one day highs or lows (fib levels labeled Y or Z). For the time being only Y and Z levels will substitute prior highs for new intraday highs or lows. Contrary to Y and Z, retracements A to E and S ignore new intraday highs and lows and will only adapt accordingly after the end of the session.

- First choose a lookback period within the indicator panel. If you do not want to see the Fib levels created by ES low of March 6, then you may set the start of the lookback period to June 1.
- You can filter out Fib retracements that are created by a lower high shortly after a higher high or by a higher low shortly after a lower low by using the filter. The filter is preset to 85. A setting of 100 means no filter, a setting of 0 means no retracements.
- You can unselect manually in the indicator panel any set of Fib retracements that you do not want to see on the chart.
- I use different Fib retracements for differrent charts. For a 60 min chart, I would definitely unselect Y and Z levels. For a 1 min chart you would possibly not need the Fib levels A to D. It is easiest to get rid of the longer term Fib retracements via reducing the lookback period in the indicator panel.
- Please let me know if there is any fib retracement on the chart that does not make sense. I am using these on ES as well.

Pivots: You can use the CMIPivotsDailyV71 (preconfigured for ES electronic session) and the CMIPivotsDailyDashV71 (preconfigured for ES day session) to find out whether the market reacts to day-session or 24-hour session pivots.

[Harry]

Improved Fibonacci Tool

Reworked the indicator today, so I am confident that all the retracements calculated are correct. I am not so happy though with the extensions, as they do not yet allow for projections in the direction of the last swing. Maybe this requires a separate indicator, because this one is already loaded with options. Please look for instructions in the indicator download section.

[tjendra]

Reworked the indicator today, so I am confident that all the retracements calculated are correct. I am not so happy though with the extensions, as they do not yet allow for projections in the direction of the last swing. Maybe this requires a separate indicator, because this one is already loaded with options. Please look for instructions in the indicator download section.

Hi Harry,

I was trying to use this indicator on a Tick chart and it doesn't seem to work. Does it only work on Min charts?

[Harry]

I have not tested it for tick charts. Anyhow the retracements calculated require a lookback period of several months. Do your charts include several months of tick data?

[tjendra]

I have not tested it for tick charts. Anyhow the retracements calculated require a lookback period of several months. Do your charts include several months of tick data?

I do not have several months of tick data, however I am only using the S, Y and Z retracements, so I am thinking I won't need so much data.

I test it on a 5 min chart with 15 days of data and it works fine for the S, Y and Z retracements. But on the Tick charts with 15 days of data, nothing was drawn.

[Harry]

The indicator was not designed for tick data, I have to check whether I can modify it to work with tick data, but I am not sure..... Will come back to you

[tjendra]

The indicator was not designed for tick data, I have to check whether I can modify it to work with tick data, but I am not sure..... Will come back to you

Thanks Harry. Just to check, this indicator doesn't work on stocks and non-US or Eurex based futures?

[Harry]

Works with stocks

The indicator definitely works on stocks, please set LocalSession to "True" if you want to use it with other than the listed instruments. Then enter session times of the stock market by using your local time zone, i.e. converting the official opening hours of the stock market to your local time zone.

For other than the listed futures, you will also use LocalSession mode.

If required, I can add other than US and European futures to the list, but this requires me to write a sub routine to deal with the daylight savings rules of the exchange location.

Besides, the next version will work with range, volume and tick charts as well. I am just testing it now.

[tjendra]

The indicator definitely works on stocks, please set LocalSession to "True" if you want to use it with other than the listed instruments. Then enter session times of the stock market by using your local time zone, i.e. converting the official opening hours of the stock market to your local time zone.

For other than the listed futures, you will also use LocalSession mode.

If required, I can add other than US and European futures to the list, but this requires me to write a sub routine to deal with the daylight savings rules of the exchange location.

Besides, the next version will work with range, volume and tick charts as well. I am just testing it now.

Hi Harry,

Any updates on the next version of this indicator yet? Many thanks.

[Harry]

Current version 8.0 should work with tick, volume and range charts in dailybars mode. This indicator is compatible NT 6.5., but will not work for NT 7 - a version for NT 7 will be released later.

http://www.ninjatrader-support2.com/vb/local_links.php?action=jump&catid=1&id=136