modified Fibonacci retracement

[davidxiao]

Hi,
Could any one please create a modified logarithm fibonacci retracement? the formulae is as following:
S=starting price,
E=ending Price,

level a: price=S^a*E^(1-a);

a=0.875, 0.764, 0.618, 0.5, 0.382, 0.236,0.125


Thanks in advance!

David Xiao

[Apprentice]

Try this version.
viewtopic.php?f=17&t=66302

[davidxiao]

Hi Apprentice,

Thanks for you code.but that is not what I want.
let me explain my idea, the modified Fibonacci retracement is almost the same as standard Fibonacci retracement, but the formulae are different. I want to use it to calculate retracement of one wave or trend.

the starting price is the starting price of one wave,
the ending price is the ending price of one wave.

Thanks in advance,

David Xiao

[Apprentice]

Can you provide web reference/link for a Fibonacci retracement?

[davidxiao]

Hi Apprentice,

I do not have a web or link reference, I got this from a Chinese video.

everything of the modified fibonacci retracement is the same as standard one but the formulae are different.

S=starting price of one wave,
E=ending Price of one wave,
in the standard fabonacci retracement, for the level a, the formulae is retracement price=(E-S)*a
but in this modified one, for level a: retracement price=(S^a)*(E^(1-a));
a=0.875, 0.764, 0.618, 0.5, 0.382, 0.236,0.125
here, S^a is a exponential function, S is the base, a is exponent

Regards and Thanks,

David

[Apprentice]

Have used that formula.

[davidxiao]

Hi Apprentice,

Please check the enclosed chart:

the modified Fibonacco retracement only calculated and showed on every candlestick other than a wave.

Could you please make it like the standard Fobonacci retracement? thus I can use mouse to choose the starting price and the ending price of a wave.

Thanks,

David Xiao

[Apprentice]

Selectable Modified Fibonacci Retracement.lua added.