Saturday, January 17, 2015

Active-Trader - Free Fib Lines indicator

Welcome back, Active Traders and Wealth Builders.

After many, many hours of work, I am pleased to present the FibLines indicator for TradeStation v9.5 at no charge to members of my blog.

This is a pretty major accomplishment considering that last year at this time, the Voodoo lines indicator was a complete mystery.  Of course, I could have spent the $1000 to buy the indicator plus $50 a month thereafter to use it.  But as you know, I'm not that kind of guy and don't believe in paying for indicators, at least not nearly that much.

So go ahead and download the file FibLines.zip and follow the directions in the document to install it on your system.  Here are the highlights:

- Requires TradeStation v9.5 or above.

As I mentioned in last week's post, support for Thinkorswim is not going to happen due to limitations in that platform.  Note that I use Thinkorswim to draw the lines initially, and I can share for any symbol at your request.

- Lines appear identically in all time frames from monthly down to intraday.

- Includes support for over 130 stocks including DIA, IWN, QQQ and most members of the Dow-30 and the Nasdaq 100.  I also threw in a few favorites, PANW, BABA and GPRO.

Not included at this time is:

- A method to deliver support for new symbols over the Internet.  As of now, the symbol data is hard-coded into the DLL, so you will need to download a new DLL file to support more symbols.

- Support for Futures or Currencies since I don't trade those.  I'm not adverse to adding support for these if there is a demand for it.

As for my future plans, I may turn this into a paid service with support a much larger number of symbols.  Left to be determined is if there is enough demand for this indicator and what people may be willing to pay for it.  So give it a try and let me know your feedback.

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9 comments:

  1. UnknownJanuary 19, 2015 at 5:20 PM

    Awesome work Marketmon, I have working code for Thinkorswim, feel free to contact me if you want some guidance or we can collaborate. Can you please link the download location?

    ReplyDelete
  2. C. SmithJanuary 24, 2015 at 3:13 AM

    Hi Franklin-
    I sent you an e-mail. Take a look and let me know what you think,
    Chris

    ReplyDelete
    Replies
    1. UnknownFebruary 2, 2015 at 9:51 PM

      Txmon, I never got your Email. Can you resend here: kosnarf@gmail.com. Awesome work, must feel great.

      Delete
  3. AnonymousJanuary 24, 2015 at 10:10 PM

    Thank you Chris for the indicator. I have TOS so I guess I need to open an account with tradestation. Are they allowing to have a free account? I'm ready to give it a try as I followed you for a long time. Any news regarding TOS? I can test it for you right away.
    Thank you again.

    ReplyDelete
    Replies
    1. C. SmithFebruary 1, 2015 at 4:01 AM

      Hi Peter-

      This past week I got the code to work on TOS, but I found some key limitations:

      1) I have to hard-code into the script itself the beginning and end of Wave 1 for each symbol.

      2) There's no way to protect the script once it goes out, so all of the logic and values are open for all to see.

      Regarding limitation #2, I don't think it really matters since there seems to be a limited audience for this anyway. Also, the real work is not so much in coding the indicator, but coming up with the wave 1 begin and end values. So let me do some more work on the TOS version and post that in my group.

      I don't believe TradeStation offers a free account, so I would not open recommend you open a TradeStation account only for the purposes of this indicator.

      So check back within a few weeks for the TOS version.

      Chris

      Delete
    2. AnonymousFebruary 1, 2015 at 9:56 PM

      Thank you Chris for your work and help. I'm checking here almost every day as all your posts are valuable. Eventually, let me know when you send anything to your group so I double check.

      Delete
  4. JayJanuary 27, 2015 at 6:57 PM

    I am not a member of your site so I could not download your code. I am curious though. In any case based on the pic above I conclude that the 261.8% extension (fire line) of the first wave is 92.05 in the Q's. I notice that John Carter has a green treeline at 90.68. ( from a Dec 22, 2014 John Carter free video at about 15 sec: http://tinyurl.com/l2mfron). Your Fireline value seem logical however with ETFs it appears additional voodoo magic is necessary. Using the Fireline and treeline values in the John Carter free video I back calculated the firelines (as well as the other values shown in J Carter's video) on an excel spreadsheet. Here are back calculated firelines: 324.953, 198.5982, 120.5064, 72.2434, 42.4146, 23.9804, -5.8484. Where -5.84 is the zero (which is impossible) and the 261.8% extension is 72.24. I recall from the free webinar that John Carter did on Voodoo lines last fall there was an explanation for why the values had to be adjusted for certain instruments. When I look at the Q's I derive the same starting points for the first wave that you appear to have - but clearly in ETFs there is some adjustment necessary to derive what John Carter has in his vidi. If you missed the webinar I have the link it is still available to watch (the link is 145 characters long here is the tiny link: http://tinyurl.com/o4k3c7w)
    If you want the original links not "Tiny"ed I can provide them.

    ReplyDelete
  5. C. SmithFebruary 1, 2015 at 4:40 AM

    Jay-

    All excellent questions and worthy of a blog post in reply which I will do and post on Sunday 2/1/2015. Thanks for reading and for the comment,

    Chris

    ReplyDelete
  6. blogposterNovember 25, 2020 at 11:06 AM

    Hi C.Smith are you still monitoring this site?

    ReplyDelete

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