Chart example:
Chart below with enhancements (Version 2)
This template shows:
· The 60 Minute Opening Range (60MOR), its internal divisions and expansions;
· The swing .618/.786 retrace zone; and
· The swing 1.618 and 2.618 expansion zones.
The unique feature of this template is that it is designed to show only the relevant zones to current price action. Once price travels outside that zone, it disappears and the new zone appears.
Although this template is intended to be used intraday for index futures on Minute, Range, Tick or Volume based Time Frames, it can easily be adapted for use on larger time frames. The current Pesavento Swing parameters will need to be fine tuned to your instrument and time frame.
Here is a description of the enhancements to add to existing description:
· 2.618 ext does not show until the 1.618 ext is exceeded.
· 4.236 expansion zone has been added when the 1.618 zone is exceeded. Ninja commented that prior 4.236 zones can have confluence with future 2.618 zones to lend additional confidence to S/R at that level.
· Added a .382 Line to the retracement measurement. This can be turned off by unchecking the marker box if desired.
· Added 1-1 ABC measured moves.
· Expanded the 60M OR expansion levels to include 2 more levels.
· Cleaned up redundant DYOS lines.
· This template uses GVs 1-13. If you are using those GVs to pass values
between other charts in your workspace, this template will interfere with that
process. (Note: I have chosen to use GVs 1-29 only for the local chart in my
workspaces to keep things clean.)