OmniTrader Forum : OmniTrader 2010 Technical Support : Fibonacci Extensions

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OmniTrader Archives OmniTrader 2010 Technical Support Fibonacci Extensions		Last Activity 5/17/2022 8:17 AM 3 replies, 1867 viewings

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Imcgyver

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Posts: 28

Joined: 5/23/2005
Location: Englewood, Colorado USA

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Subject : Fibonacci Extensions
Posted : 11/5/2009 4:19 PM
Post #18180

Got the OT2010, great software, my question is how to plot the Fibonacci Extensions I use other software and it needs 3 points to determine the extensions, OT only uses 2 points, can anyone tell me how to properly plot the 2 points?
Thank you for your time and response.

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Barry Cohen

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Posts: 6338

Joined: 1/19/2004

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Subject : RE: Fibonacci Extensions
Posted : 11/5/2009 4:38 PM
Post #18181 - In reply to #18180

To draw Fibonacci Extensions in the chart window you must select the tool. Then position the cursor over a location in the chart window to draw it. Once a location is chosen, click at the starting point of the tool & hold the button down. Drag the left mouse button to where you want the fibonacci lines to be, & release the button when finished. These two control points control the interval between the extension & the Fibonacci lines.

To reposition the tool, you should click the left mouse button while the cursor is hovering over any of the Fibonacci lines. Now with the tool selected & with the left mouse button held down, drag the tool to its new location.

To recalculate where the Fibonacci Extensions begin or end, select the tool by positioning the cursor over it and clicking the left mouse button once. Next, position the cursor over either of the the small boxes on the two initial control points; Click and hold down the left mouse button to drag the control points of the tool to its new location.

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Peixin Chen

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Posts: 1

Joined: 5/4/2005

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Subject : RE: Fibonacci Extensions
Posted : 11/6/2009 9:40 AM
Post #18192 - In reply to #18180

There are actually 3 points. The 3rd point is plotted by default at the end of the 0% line. You can click that point, and reposition the 0% line to a different location.

Hope this help.

I just uploaded an image file to indicate all 3 points.

[Edited by Peixin Chen on 11/6/2009 9:54 AM]

Attached file : fibexts.png (48KB - 548 downloads)

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Paddy_VA

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Posts: 298

Joined: 12/13/2003
Location: Virginia

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Subject : RE: Fibonacci Extensions
Posted : 11/11/2011 6:25 PM
Post #25215 - In reply to #18192

I have noticed for a long time that the VT and OT Fibonacci drawings percentage labels don't seem correct. Attached is an example, showing the S, M and L Fibonacci retracement lines on the RHS, and then two Fib drawings over the same ranges.

Why is the long drawing showing 221.26% at the top of the range, instead of 100%?

Why is the short and medium drawing showing 81.80% at the top of the range instead of 100%?

Also, one of the techniques for forecasting future price moves is to extend the Fib drawings beyond 100%. There doesn't seem to be a way to do this with VT or OT, except as illustrated in the inserted picture from the previous post by Chen, where the 50% line is set at the current 100% level.

Am I missing something, or is there a problem with calculation of these level labels?

Attached file : Strange Fibonacci Drawings in VTOT.pdf (238KB - 515 downloads)

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