Home | Trading Alchemy Manual | Alchemy Functions IndexAlchemyFibExtension (Function)AlchemyFibExtension is a multiple-output function that provides the swing high, swing low, retracement point and its corresponding Fibonacci extensions of a pre-determined swing. AlchemyFibExtension ( StartYear, StartMonth, StartDte, StartTme, EndYear, EndMonth, EndDte, EndTme, RetraceYear, RetraceMonth, RetraceDte, RetraceTme, X1, X2, X3, X4, X5, X6, X7, oSwingStart, oStartBar, oSwingEnd, oEndBar, oSwngRetrace, oSwngRetrBar, oExt1, oExt2, oExt3, oExt4, oExt5, oExt6, oExt7 ); Parameters
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StartYear |
Specifies the year of the swing start bar. Enter the last 2 digits only. |
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StartMonth |
Specifies the month of the swing start bar. |
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StartDte |
Specifies the date of the swing start bar. |
| StartTme | Specifies the time of the swing start bar. On daily, weekly and monthly charts, this input is ignored and can be skipped. |
| EndYear | Specifies the year of the swing end bar. Enter the last 2 digits only. |
| EndMonth | Specifies the month of the swing end bar. |
| EndDte | Specifies the date of the swing end bar. |
| EndTme | Specifies the time of the swing end bar. On daily, weekly and monthly charts, this input is ignored and can be skipped. |
| RetraceYear | Specifies the year of the swing retracement bar. Enter the last 2 digits only. When either RetraceYear, RetraceMonth or RetraceDte are set to 0, the function extends the fibonacci extensions from the swing start, otherwise it extends the fibonacci extensions from the retracement point. |
| RetraceMonth | Specifies the month of the swing retracement bar. When either RetraceYear, RetraceMonth or RetraceDte are set to 0, the function extends the fibonacci extensions from the swing start, otherwise it extends the fibonacci extensions from the retracement point. |
| RetraceDte | Specifies the date of the swing retracement bar. When either RetraceYear, RetraceMonth or RetraceDte are set to 0, the function extends the fibonacci extensions from the swing start, otherwise it extends the fibonacci extensions from the retracement point. |
| RetraceTme | Specifies the time of the swing retracement bar. On daily, weekly and monthly charts, this input is ignored and can be skipped. When either RetraceYear, RetraceMonth or RetraceDte are set to 0, the function extends the fibonacci extensions from the swing start, otherwise it extends the fibonacci extensions from the retracement point. |
| X1 | Specifies the 1st extension percentage, whereas 100% is expressed as 100. |
| X2 | Specifies the 2nd extension percentage, whereas 100% is expressed as 100. |
| X3 | Specifies the 3rd extension percentage, whereas 100% is expressed as 100. |
| X4 | Specifies the 4th extension percentage, whereas 100% is expressed as 100. |
| X5 | Specifies the 5th extension percentage, whereas 100% is expressed as 100. |
| X6 | Specifies the 6th extension percentage, whereas 100% is expressed as 100. |
| X7 | Specifies the 7th extension percentage, whereas 100% is expressed as 100. |
| oSwingStart | A numeric reference that receives the price of the swing start. |
| oStartBar | A numeric reference that receives the bar number the swing start bar. |
| oSwingEnd | A numeric reference that receives the price of the swing end. |
| oEndBar | A numeric reference that receives the bar number the swing end bar. |
| oSwngRetrace | A numeric reference that receives the price of the swing retracement. |
| oSwngRetrBar | A numeric reference that receives the bar number the swing retracement bar. |
| oExt1 | A numeric reference that receives the price of the 1st Fibonacci extension. |
| oExt2 | A numeric reference that receives the price of the 2nd Fibonacci extension. |
| oExt3 | A numeric reference that receives the price of the 3rd Fibonacci extension. |
| oExt4 | A numeric reference that receives the price of the 4th Fibonacci extension. |
| oExt5 | A numeric reference that receives the price of the 5th Fibonacci extension. |
| oExt6 | A numeric reference that receives the price of the 6th Fibonacci extension. |
| oExt7 | A numeric reference that receives the price of the 7th Fibonacci extension. |
ReturnsAlchemyFibExtension returns a 1 if the swing is up and it returns a -1 if the swing is down. The value for the price of the swing start is passed by reference back to the variable oSwingStart. The value for the bar number of the swing start bar is passed by reference back to the variable oStartBar. The value for the price of the swing end is passed by reference back to the variable oSwingEnd. The value for the bar number of the swing end bar is passed by reference back to the variable oEndBar. The value for the price of the swing retracement is passed by reference back to the variable oSwngRetrace. The value for the bar number of the swing retracement bar is passed by reference back to the variable oSwngRetrBar. The value for the price of the 1st fibonacci extension is passed by reference back to the variable oExt1. The value for the price of the 2nd fibonacci extension is passed by reference back to the variable oExt2. The value for the price of the 3rd fibonacci extension is passed by reference back to the variable oExt3. The value for the price of the 4th fibonacci extension is passed by reference back to the variable oExt4. The value for the price of the 5th fibonacci extension is passed by reference back to the variable oExt5. The value for the price of the 6th fibonacci extension is passed by reference back to the variable oExt6. The value for the price of the 7th fibonacci extension is passed by reference back to the variable oExt7. UsageThere are 2 different methods of applying Fibonacci Extensions. In Elliott wave methodology, the Fibonacci Extensions are drawn from the beginning of a swing to the end of the swing (beginning of Wave 1 to end of Wave 3) and then to the retracement point (Wave 4) to find a target price area for the next swing that is expected to resume the trend of the previous swing (Wave 5). Another common method extends the Fibonacci Extensions from the beginning of the swing. In either case, the Fibonacci Extension function is used to measure the amount the market has extended compared to the overall market movement. This function uses ratios which are mathematical in nature, derived from the same Fibonacci sequence. Fibonacci Extensions are used for general target price areas. The Alchemy Fibonacci Extension functions accommodates both methods and calculates up to 7 projected fibonacci extensions .
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