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Fibonacci Ratios and Momentum
MetaStock Custom Expert Advisor
In MetaStock for Windows, you can establish Fibonacci Retracement
levels as outlined in the November 1997 TASC article "Using
Fibonacci Ratios and Momentum" by Thom Hartle by first creating an
Expert in the Expert Advisor. To do this, choose Expert Advisor from
the Tools menu and then choose New. Enter the following Expert
Highlights and Expert Symbols into your Expert.
| Fibonacci Ratios and
Momentum - Highlights |
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| Name: RSI > 50 |
| Condition: RSI(14) >
50 |
| Color: Dk Green |
| |
| Name: RSI < 50 |
| Condition: RSI(14) <
50 |
| Color: Red |
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| Fibonacci Ratios and
Momentum - Symbols |
|
| Name: Isolated Low |
| Condition: LOW <
Ref(LOW,-1) AND LOW < Ref(LOW,1) |
| Graphic: Buy Arrow |
| Color: Black |
| Label: Isolated Low |
| |
| Name: Isolated High |
| Condition: HIGH >
Ref(HIGH,-1) AND HIGH > Ref(HIGH,1) |
| Graphic: Sell Arrow |
| Color: Black |
| Label: Isolated High |
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Note: If the Symbol labels make the chart too busy you may want
to shorten the label (e.g. change Isolated High to IH).
Next, close the Expert Advisor, open any chart, and then click the
right-mouse button on the chart’s heading. Choose Expert Advisor
and then Attach from the Chart Shortcut Menu. You can now choose
Fibonacci Retracement from the Insert menu, and then drag from one
isolated extreme to another. In MetaStock 6.5 you should
right-click on the Fibonacci Retracement lines and choose
properties. Check the Snap to Price checkbox so the Retracement
lines will automatically snap to the high and low prices.
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