This script will allow you to use Logarithmic (instead of linear) Fibonacci retrace.
Please see excellent write up here: www.elliottwave...members/atchat/?threadId=3...
explaining why logarithmic is preferred, especially over large price movement and long timeframes.
All TradingView fib tools use linear math, and will show incorrect long-term levels because of this.
HOW TO USE:
* Enter your points for Wave 0 and 1. Example: 1810.10 and 2872.87 in the SPX chart shown.
* Turn on "show lines" and "show labels". These are OFF by default because the chart will usually get warped
if you display the lines before entering the actual values you want.
* Change the "label offset" if the fib labels are too close or too far from the chart.
Please be aware that this is considered an "INDICATOR" script and so will not save the values separately
for each chart. You will need to enter new values each time you change to a different symbol.
Please see excellent write up here: www.elliottwave...members/atchat/?threadId=3...
explaining why logarithmic is preferred, especially over large price movement and long timeframes.
All TradingView fib tools use linear math, and will show incorrect long-term levels because of this.
HOW TO USE:
* Enter your points for Wave 0 and 1. Example: 1810.10 and 2872.87 in the SPX chart shown.
* Turn on "show lines" and "show labels". These are OFF by default because the chart will usually get warped
if you display the lines before entering the actual values you want.
* Change the "label offset" if the fib labels are too close or too far from the chart.
Please be aware that this is considered an "INDICATOR" script and so will not save the values separately
for each chart. You will need to enter new values each time you change to a different symbol.