OPEN-SOURCE SCRIPT
[blackcat] L1 Fibonacci Counter
Level: 1
Background
I believe that many traders must be familiar with the Fibonacci sequence. In live trading, we also use the Fibonacci sequence to predict the probability of a change in direction at an important stage of the market. , In the market analysis method, the Fibonacci sequence appears frequently.
Function
Drawing Fibonacci cycles manually is usually more labor-intensive. Here I tentatively implement a technical indicator that automatically draws Fibonacci time windows. It can automatically locate the high and low points of historical prices, and count them. When the period displayed by the counter is a Fibonacci number, it will be highlighted with a yellow background color and marked with the Fibonacci number. value.
Inputs
Counter Max Lookback --> Default 987.
Key Signal
Red bgcolor --> historical high with Fib hits
Green bgcolor --> historical low with Fib hits
Remarks
This is a Level 1 free and open source indicator.
Feedbacks are appreciated.
Background
I believe that many traders must be familiar with the Fibonacci sequence. In live trading, we also use the Fibonacci sequence to predict the probability of a change in direction at an important stage of the market. , In the market analysis method, the Fibonacci sequence appears frequently.
Function
Drawing Fibonacci cycles manually is usually more labor-intensive. Here I tentatively implement a technical indicator that automatically draws Fibonacci time windows. It can automatically locate the high and low points of historical prices, and count them. When the period displayed by the counter is a Fibonacci number, it will be highlighted with a yellow background color and marked with the Fibonacci number. value.
Inputs
Counter Max Lookback --> Default 987.
Key Signal
Red bgcolor --> historical high with Fib hits
Green bgcolor --> historical low with Fib hits
Remarks
This is a Level 1 free and open source indicator.
Feedbacks are appreciated.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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