I wrote this application a few months ago but it's not very sophisticated.
The program calculates fibonacci confluence based on the input of several fibs. Maybe someone can find some value in it.

It requires .net installed but that should be all you need. If someone is interested I can provide the source code.

Cheers

[pajusa]

Hey Sparrow,

The tool looks very interesting but how could we use this tool.

Do you have some quick cheat sheet to use this?

Thanks

pajusa

[Sparrow]

Hi pajusa, sorry I haven't used in a long while, and as coders are we're not very good at doing documentations if not to say abhor it.

As far as i know, insert the fib range numbers in the first 2 columns.

Let's assume 1.5330 to 1.5390, the 3rd column is for setting a value within two fib values have to be to produce a cluster.
E.g. 0.0003

Hope it makes sense and didn't confuse people even more.
The program it is still a very crude, I was just toying with ideas and as fickle as I can be, quickly abandoned them. There's a lot of room for improvement, which I am unfortunately not intending to do.

Cheers

[pajusa]

Hi Sparrow,

Do you have any pointers to read to use it more accurately.

Thanks

pajusa

[Sparrow]

The most well known 'trader'(?) who uses fib clusters is Carolyn Boroden, there's a presentation by her on CBOT
you can also listen to one of her interviews at this site.

[pajusa]

sparrow,

Thanks for the pointers, I have attended some of her sessions, she still is not that forthcoming. nevertheless it helps, I am going to look for her book.

Your fib cluster tool is an equally good start. I still did not understand the third column.


Thanks

paju

[Sparrow]

pajusa,

thanks for the link, I have no idea if she is really trading, with all the writing and seminars she does I guess she'd be well off without it.

Since values by fibs don't always match to the pip/tick it's necessary to allow them to be within a range of each other. Let's say you're satisfied with values which are 5 pips apart, for the EURUSD that'd be 0.0005.

Maybe that's a better explanation.

[pajusa]

That makes sense, so that value allows for any judgement calls

[Sparrow]

Dunno, experiment. Depends a lot on your instrument, the time frame you trade and probably some more parameters I haven't mentioned.
I never used it for anything else than entertainment and feeling smug.