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Open Feature request MC-2601

Fibonacci Tool Improvements

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Description

Concept Summary: 1.) Make it much easier to apply using newly developed custom volume profile principle ( algorithm) 2. ) Divide the list of lines into sections (e.g "set 1 "and "set 2" "set3" ) so user has separate default settings for projections and separate list for retracements and may be another custom list for other needs

Rationale/Logic on point 1: This is one of the most commonly used tool by traders. I have applied these fib lines thousand ans thousand of times. From this cumulative experience can tell one thing. Charts are often crowded with drawings an tools, also there wicks that are often hard to see and one has to strain the eyes to see them and to see which one is higher or lower. Even when clearly visible you have to click on that high or low, often I miss it, them you draw it across, also need to make sure it is correct and make adjustments as necessary by clicking and dragging. Ok , it always been like this. Now, I had a chance to try Volume Profile Tool in Beta version 14 and the way we apply this tool is much simpler, just drag across from left to right over needed range, software finds high and lows and draws profile. I though, once we have this technology why not use it for fib tool as well. No significant new resources required for development. This would be a sheer joy to use if Fib tool could be applied the same way: Just drag from left to right over needed range and software find high and lows. Then if trader needs it he can select and adjust the reference range ( from my experience in 99% of cases that would not be needed). Time is better spent on thinking rather then clicking.

Rationale/Logic on point 2: This one is much more significant. Will need to share my practical experience to make this point. When there is a trend in place I use fib retracements. When range in place I use Fib projections. There are needed appearance settings and numbers for every type. So typically I use fib projections and whenever I need retracements I draw the range as described in above paragraph and then change every line including numbers and appearance settings. I would assume the same goes for every other trader. Thousand of human hours go into clicking. What is needed is TWO TYPES OF DEFAULT SETTING (better 3). I am sure this will be highly appreciated by traders. How to practically implement this Multicharts experts are in a better positron to suggest. I thought about two types of default settings ( like dividing the list into two sections and have a box to tick next to each like "set 1" and "set 2" or whatever. The other way is to enable the user customize toolbars to have two instances of Fib tool on the tool bar so there are separate default setting for each. Small things but practically huge time savings over the years. ( this is actually annoying to change it every time so I often skip applying retracemets due this reason: cannot be bothered going thru the process. Think about scalpers: do they have time to go thru the process? Tried short term trading. This is where good tools that can be applied with one click are absolutely critical as there is just no time to play with the settings.

Thank you.

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