Update: The CTO of TradingView stated that the allegations regarding a bug were not correct, and the Twitter user has retracted some of his earlier statements about the tool’s functionality.
According to a tweet from the self-proclaimed certified Elliott wave analyst Cryptoteddybear published on June 13, there appears to be an issue with the Fibonacci retracement tool in the widely used chart analysis service TradingView.
The Elliott wave principle relies on recognizing recurring patterns in market data to forecast price movements.
In a video he shared on YouTube, the analyst points out that the tool performs linear calculations when applied to logarithmic charts, which he highlights as a critical flaw for traders who utilize Elliott wave analysis. Following his tweet, the official Twitter account of the company acknowledged his concerns and stated that they are looking into the matter. In response, Cryptoteddybear expressed gratitude:
“Thank you @tradingview for finally taking this issue seriously.”
The initial reports regarding the bug, which emerged over five years ago in November 2014 on a consumer feedback platform, have seemingly gone unnoticed by the company. Another report from June 3, 2017, elicited a response from the official TradingView account in the thread:
“Hi, you are correct; we have a planned task to address this. Thank you for bringing it to our attention.”
Despite this, the problem appears to remain unresolved. Cryptoteddybear has since reported that a company representative indicated that he requested the technical team to prioritize fixing the bug.
Recently, it was mentioned that TradingView is among the platforms that have introduced the “CIX100” index, which is an AI-enhanced index for the 100 top-performing cryptocurrencies and tokens.
Earlier this month, Coin Metrics, a cryptocurrency analytics firm, announced its acquisition of digital asset index provider Bletchley Indexes, with plans to launch smart beta indexes for cryptocurrencies.
As of the time of this report, TradingView has not provided a comment on the situation.