Even a broken clock is right twice a day. Give a chart to 100 people and you will get a lot of different lines and FIB levels.
True most don't know how to draw them correctly. Same as most don't know how to play golf on the level of the PGA tour, make into NFL, MLB or NBA etc.
I would stand in line to see that experiment carried out. Identical charts, no results posted until 100 realistic attempts at fib retracements received at the hopper. 10 Things To Know About Fib Levels https://www.elitetrader.com/et/thre...st-right-here-baby.335635/page-5#post-4926985
This is not an accurate statement. I will attest to knowing first hand that there are algos using fibs to set actionable prices. However, as I am as anonymous as you, who am I to attest to anything, and why should you or anyone else care?
I made a mistake in my post before. The histogram bar with the highest count was for 0.538637553686026 <= ratio < 0.551775054995441. The bar close to 0.618 had a slightly lower count. For something with finer granularity, Here, the intervals 0.499976170943578 <= ratio < 0.50010674711776 and 0.666721945374226 <= ratio < 0.666852521548408 had the highest counts (12 each of the 7105 ratio values < 1).
You’re telling me that major investment banks or hft/quant funds are using fibs to set prices? Can you name the firm or fund lol?
I like what you're doing and trying to accomplish. What do you think of this study? fibonacci_trading.pdf (ust.hk)
I use very few indicators, but when I see a good op to draw the fibs, I do . I have no problem determining ideal start and end points.