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This indicator used by Fibonacci traders calculates the balance point of the current week and plot it on the next week as a fixed horizontal line. The fixed balance point is the weekly high, low and close, summed then divided by three.
Note that in order to plot the fixed balance point indicator properly (current week average on next week bars), you need to use the "MoveToFuture" setting.
Here is the formula that you should use:
d = FixedBalancePoint();
plot(d, "", colorBlue, ChartStep);
UpdateSettings("MoveToFuture", 6);
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
