Fibonacci retracement is a method of technical analysis for determining support and resistance levels. They are named after their use of the Fibonacci sequence. Fibonacci retracement is based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction.
This custom Ninjatrader indicator will plot Fibonacci extension lines automatically from previous Zigzag High or Low. It works on any timeframe and chart type that supports ZigZag, such as Renko, Heiken Ashi, Range and Tick.
It uses the built-in version of Zigzag from NT8, but instead of plotting Zigzag on chart, it draws the Fibonacci extension lines.
It has all the inputs of Zigzag and two additional inputs for Fibonacci extension, if you checked “Show Extra lines”, it will plot the Fibonacci retracement of 0.236, 0.382 and 0.618 above and below the 0% and 100%.
If “Use Recent ZigZag” is enabled, the indicator will use the most recent stable ZigZag, otherwise it will use the previous one. Please check the images below for a better understanding.
The indicator may not work properly if there was not enough bars on the chart.
In general, 800 bars is good, but it also depends on the ZigZag Deviation value you set.
The bigger the Deviation value is the more bars you need to load.
You can change “bars to load” by following the pic below.
The fastest way to access your fav inputs is saving it as Templates.
The price percentage change of Stock, Forex and Futures vary widely in the same timeframe.
In most case, Stocks have higher percentage change than Forex and Futures.
Deviation percent value 0.01-0.065 is good for Forex in 1 to 5 minutes chart, but it may not work well for stocks or futures.
Please check the screenshots below to get some ideas of how to properly set the inputs.
Example of Heiken Ashi:
Example of Renko:
Example of Tick.
Example of Range:
Example of minutes:
Does your Auto ZigZag Fib indicator have the option to plot Fibonacci retracement from the prior Swing High/low pivot of instead of Fib. extensions? Do you offer a trail?
This is based on ZigZag as the name stated.
If you want a Fibonacci retracement from the prior Swing High/low pivot I can create one.
Now you can try any of our none Thinkorswim products for 30 Days with only $30.
The amount is fully credited toward purchase of the final product.
The trial works for all platforms’ product only except Thinkorswim.
Please note that this offer is only for one product per ID, if you want to try 2 different products or 1 product on 2 IDs, you will need to pay $30×2.
For packages like Chart pattern indicator package for NinjaTrader 8, $30 only covers one of the indicators included in the package.
Please purchase the trial at: http://www.patternsmart.com/cart/index.php?route=product/product&product_id=417
Hello, very nice! Im wondering. Is it possible to change the input to a Outside bar(i.e. a bar that has a smaller bar inside it’s range) instead of a ZigZag pattern? And also is it possible to change the retracement %’s to custom ones?
If the above is both answered yes, where can I get this? That would be an absolute gamechanger for me!
Yes, it’s possible.
Please send me all the details by email or use the following link to submit your project request.
Custom indicator request form https://www.patternsmart.com/cart/index.php?route=product/product&search=Custom%20indicator&product_id=238