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Fibonacci Trader - Fixed Balance Point

by MikeMM, 1586 days ago
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This indicator used by Fibonacci traders calculates the balance point of the current week and plot it on the next week as a fixed horizontal line. The fixed balance point is the weekly high, low and close, summed then divided by three.

You can read more about this indicator and others in the "Dynamic Multiple Time Frames" article.

Note that in order to plot the fixed balance point indicator properly (current week average on next week bars), you need to use the "MoveToFuture" setting.

Here is the formula that you should use:

d = FixedBalancePoint();
plot(d, "", colorBlue, ChartStep);
UpdateSettings("MoveToFuture", 6);


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