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Direct MessagesDate/Time: Sat, 27 Apr 2024 03:16:32 +0000
[User Discussion] - Using tools in logarithmic scale
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| [2013-06-05 20:19:30] |
| User87399 - Posts: 17 |
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1. How to draw Fibonacci retracements and projections in logarithmic scale? It's lines should be calculated by multiplying percentage change of price by the wave (fe 10% change -> 0.618 = 6.18%, 1.618 = 16.18% and so on), not by it's arithmetic value (fe 10$ change -> 0.618 = 6.18$, 1.618 = 16.18$ and so on). 2. Is there a way to draw a line on logarithmic scale with it's vertical height counted in percents, so when moving a line on log scale, its height will not change? Similarly with two horizontal paralel lines. Also fibonacci retracements and projections mentioned in above point should not change it's size when moved on log scale. Thx in advance! Date Time Of Last Edit: 2013-06-05 20:21:58
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| [2013-06-06 22:23:32] |
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1. We will have a look at this. 2. No, this is definitely not supported. If this is something technically required, it could be done for custom development at a rate of 45 USD per hour. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2020-05-21 04:15:08
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| [2013-06-09 10:23:39] |
| User87399 - Posts: 17 |
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1. OK, thank you. The right subject of Fibonacci projections and retracements in stock markets are percentage change of price, not arithmetic. Explanation: Elliot waves are prices changes. Change of price from 1$ to 30$ is 30x while from 10$ to 40$ is just 4x. Arithmeticaly both changes are about equal, but as percentage, change of first wave is 30/4 bigger than of second wave. Is it better to count Fibonacci's arithmeticaly or as percentage of change of price? Investor who invested 1000$ in first wave will earn 29000$ while in second wave just 3000$. Because Elliot Waves are the measure of crowd psychology and percentage change of price is the real earning/loss of investements, it seems that percentage change of price is more important for investors. How it works in practice? For waves above intermediate level (typicaly years) Fibonacci projections and retracements counts well mostly on percentage change of prices. For example typical 5-wave cycle has wave I=V and wave III=1.618*I. Let's say wave I is 500% of price change from 1$ to 5$, wave III 800% of price change from 2.5$ to 20$. If we now count wave V as arithmeticaly equal to wave I it should have lenght of 4$. But retracement of wave III will be bigger than 4$ - usualy 32,8% of wave III = 6,65$. This would suggest that wave 5 will be truncated which is incorrect assumption. Arithmetical projections and retracements can be used on small frame waves, where price changes are smaller, but even here percentage ones seems the righter ones. More information can be found in book "Elliott Wave Principle: Key to Market Behavior" Frost and Prechter pages 69 (real-life example here from Dow Industries 1942-1966: wave 1 traveled 120 points = 129% gain, wave 5 traveled 438 points = 80% gain which is .618 times the 129% gain), 71, 74-76. 2. Can live without it. |
| [2013-06-11 04:02:38] |
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1. This is not something we have time to get involved with. There are no changes planned to the Price Retracement tool.
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2020-05-21 04:08:41] |
| onnb - Posts: 660 |
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With SC Log charts, what based is used for the logarithmic scale? base 10? natural?
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| [2020-05-21 04:15:41] |
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Base 10
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2020-05-21 15:02:36] |
| User430672 - Posts: 15 |
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Is there an easy way to chart the log of a stock's price in a standard linear chart, on its own without the underlying's price? For example, perhaps a new symbol and data file can be created and updated automatically (e.g., MSFTLOG.scid); or a variable plotted that is the log of the HLC of a price bar without plotting the original/linear MSFT.scid prices. If so, the price axis would reflect the log values rather than the actual prices, but it would allow users to use all tools and studies on the log values as described in the original post. I have done this in the past by exporting a price file to excel, converting price data to logarithms, importing the file back into SC, and charting as a new security, but the process is very time consuming and a pain to update with new price data. Thanks. Date Time Of Last Edit: 2020-05-24 16:27:13
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