I was experimenting with the SHI TREND CHANNEL indicator and on a whim added a FIB CHANNEL on top of the SHI line.
It was interesting to see, immediately, that the price candles highs, lows, and closes seemed to "respect" the fib lines as shown in this screen shot:
So, I decided to modify the indicator itself to have it do two things: First, it will put a FIB CHANNEL on along with the SHI Channel, and second, it gives you the option of turning on the SHI Channels for multiple time frames.
This is what it looks like with MTF SHI channels turned on (and zoomed out so you can see them):
I've been watching it with EURUSD, USDJPY, and GBPUSD and the "affinity" for those fib channel lines seems to hold for them all.
The only problem now is figuring out how to use this as a predictive tool.
And note that the fib lines are certainly no guarantee - sometimes price blasts right on through the SHI channel lines as if they were not even there. This indicator draws a starburst looking symbol on the chart when that happens.
So, I'm throwing this indicator out here for the Kreslik Community to play with - help us figure out how to use those FIBS to make "relatively" accurate/safe predictions about price.
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Much thanks to RockHardTen and CheapKungFu for their assistance with getting the bugs worked out of this.
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Note that SNS_Object Library needs to be in your experts:libraries folder.
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VERSION HISTORY
1.1 Added CHANNEL.RAY true/false option to allow lines to "extend into the future" 11/12/2009
NOTE that this change required a modification to the SNS_ObjectLibrary as well
1.1a Fixed minor issue that prevented user from turning off extensions to the FIBO lines
v1.2 Modified to use SNS_ObjectLibrary.mqh
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