I want to use fibonacci retracement as a confimation of an entry signal. This is where any entry signal must be above the 23.6% fibonacci level to be valid.

Manaully this is done by taking the swing high and the swing low before the entry signal to create the fibonacci retracement lines. Then comparing the 23.6% level against the low of the entry signal.

• How do you code for fibonacci retracement?
• Do you use a swing high and a swing low as in the manual system?
• How do you relate the fibonacci retracement to the entry signal?
• Is there some other method for caculating the fibonacci retracement when putting it into Metaspeak?

The coding for the entry singal is as follows:-

{Channel}
x:=7;
y:=1.05;
z:=0.95;
UB:= Mov(C,x,S)*y;
EMA:= Mov(C,x,E);
LB:= Mov(C,x,S)*z;
{Acceptable high break above UB with rising UB}
B1:= H>UB AND H<=UB+(0.75*Abs(EMA-UB)) AND ValueWhen(1, H>UB, UB>Ref(UB,-1) );
{Price Piont}
sig:=L<=ValueWhen(1,B1, EMA-(0.2*(EMA-LB)));
{Price Piont projection}
trade:= If(b1, 0, If(sig,1, PREV));
Cross(trade=1,0.5);

Yours turly

Gregor[:)]