Is there a way to identify the exact (.00001) amount of a candle in an MT4 chart? The purpose is to use a fibonnaci calculator to generate concerete support and resistance lines, and for that I would need the pip (to the 5th decimal place) for highs and lows. I can do it visually, but that isn’t mathematically correct and there is slippage sometimes.
Thanks.
There is really no point going to that level of detail.
I agree, fib levels are not that concrete. You should look at these things as fuzzy numbers. It can help also to unfocus your eyes a bit.
If you zoom into a precise number like that and build a trading plan around it… I can tell you what will happen:
First, you will see the price action do what you expect, reaching precisely the level you have calculated (historically). Then you will take action by placing a trade based on your precise calculations. But, because the market doesn’t fit into a mathematical box, it will purposely go to your calculated target level minus about 1 pip, so that you cannot close your trade. Then it will whip back violently and you will lose your entire gain and hit your stop loss, leaving you scratching your head and spending countless ours re-figuring the math formulas.
Many thanks for the insight.
As someone said, there is no point to going to that level of detail. This is mainly due to the fact that all charts from different brokers differ slightly (as much as 3 pips I’m sure).