-simple tool based on ICT free YouTube material of many years. -Highlights a box showing Optimal Trade Entry (OTE): 61.8% - 78.6% retracement -Auto shifts depending on Bull or Bear move on chart. --If visible chart is Bullish (low then high): shows OTE box 61.8-78.6% retracement down from the high --If visible chart is Bearish (high then low): shows OTE box 61.8-78.6% retracement up from the low
-Thanks the use of PineCoders Visible Chart Library, and some of the example code there
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Added color formatting options
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removed redundant code; made some explanatory comments
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removed redundant variables for Bar, volume and Label
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-corrected small error in Fib number (inverse of 78.6 is 21.4 not 23.6) -added more Fib levels to play around with (default toggled off)
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-added option to plot two user input Fib Extensions (projected Fib extensions) for cases where price might fully reverse and reach beyond the high / low -added user toggle show/hide labels for Fib Extensions
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fixed issue with fib extension labels
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-Added option to flip/invert Fib projections (above range or below range) -tweaked code for Extension labels to always display positive numbers
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(removed unrelated drawings from displayed chart)
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~Added user choice of Bodies or wicks (i.e. draw the high-low fib range from body high/low or from wick high/low; default is wicks) ~Removed Library dependency and put all the required functions directly into the script
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Corrected default Fib extension levels
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Revised this to call from a custom library to reduce code length
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-Added more Fib Extensions: total of 6 optional fib extensions now
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-corrected Fib titles in settings box
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-Added option to toggle on/off Fib Retracement price labels. Default is off
Does it take kill zones into account or is it generalized across all times? If not could you perhaps add the kill zones in with a line like Michael does?
twingall
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@ds82385, could do, but also don't want to overclutter the indicator.. if your comment gets a few +1's then will try and get round to implementing.. Btw there are plenty of good killzone indicators you could use over top of this in the meantime
bchin415
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Hi, I really like this indicator. But I believe ICT says he places his fib on the body instead of the wick?
twingall
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@bchin415, yeah he sometimes says that; i imagine he would say use whichever gives a projected level that aligns nicely with a seperate pda (i.e. try both). I think using the bodies is perhaps safer in that it gives more conservative entries/targets. I may have a look at the code later to see if there's an easy enough tweak to give option to toggle between the using bodies or wicks for the range..
tvphigroup
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@twingall, that's a great idea if it can be implemented !!!
twingall
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@bchin415, got it to plot on bodies..will update in couple of days max (need to wait for Pinescript moderators to give go ahead on publishing the tweaked library dependency)
bchin415
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@twingall, Thank you so much looking forward to it!
twingall
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@bchin415, no worries, updated now; just click the toggle box at the top to anchor from body high / body low
sonarika
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This is so great, and makes me a more disciplined trader in waiting for OTE. Thanks for this gem!
kr_technicaltrader
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this indicator is great... as a suggestion a good upgrade to it "will" be the following... if it can retain at least 3 ote zones of the current chart or timeframe and if it can show ote zones on both higher and lower frame.. thus making it a multi timeframe indicator... as an example of what i meant is... i am charting the 15 minute time frame.. indicator will show past 2 static ote and current dynamic ote.. the it will display an ote on the 4h time frame... and it will display an ote on the 5 min time frame... the choosing of timeframe will be depend on the user... excuse me for my english it is not my native tongue..