(REQ) Erase indiv Fibo lines on chart ???

Does anyone have a fibonacci drawing tool where I can draw fibonacci retracements and then erase individual fibo lines on the chart? The reason I wish to do this is because I am looking for confluence between fibo retracements drawn on different swings within the whole move as well as confluence with support/resistance. So once confluence is identified, we can erase (right on the chart) the fibo lines that do not show confluence. This cleans up the chart dramatically and makes it much easier to trade.

 

Just to be clear, I want to be able to erase individual fibo lines right on the chart in much the same way you can erase a horizontal, vertical or trend line. And when I erase certain individual fibo lines, it should have no effect on the other fibo lines.

 

Thanks for any help

I have a template that allow you to erase any fibo line through the fibo property. Easily. It is the one I use and because overwrite the included metatrader fibo indicator at this time I do not know if you could do the same with the included metatrader indicator on mt4. If you are interested let me know. By the way, it only goes to +- 1.161 extension. If you need to add more extensions you have to do the calculation yourself for the indicator be able to draw those new lines. Edited June 10, 2011 by 4xmeter

Does anyone have a fibonacci drawing tool where I can draw fibonacci retracements and then erase individual fibo lines on the chart? The reason I wish to do this is because I am looking for confluence between fibo retracements drawn on different swings within the whole move as well as confluence with support/resistance. So once confluence is identified, we can erase (right on the chart) the fibo lines that do not show confluence. This cleans up the chart dramatically and makes it much easier to trade.

 

Just to be clear, I want to be able to erase individual fibo lines right on the chart in much the same way you can erase a horizontal, vertical or trend line. And when I erase certain individual fibo lines, it should have no effect on the other fibo lines.

 

Thanks for any help

 

Hi Diesel,

maybe I misunderstand something, but you can delete/add individual lines in fibo properties. Yes it's a bit uncomfortable if you delete a line, because to draw an other fibo, you have to put back that level again.