OPEN-SOURCE SCRIPT
Democratic Fibonacci McGinley Dynamics
With this indicator, we have taken McGinley Dynamic lines at Fibonacci lengths (3 to 233) as well as the average of these values, labeled the DFMG (Democratic Fib. McGinley). Additionally, these values have been inputted into a table overlay. The cross of the FibMG(233) and the DFMG can be used as a signal for long or short.
The FibMG lengths of 3 and 233 are plotted in white by default, the FibMGs with lengths between 3 and 233 are plotted in blue by default, and the democratic line (DFMG) that averages these lines is plotted in green or red depending on if the value is above or below the 233-length FibMG.
This is the same indicator as our DFMA except using McGinley Dynamic lines as opposed to exponential moving averages.
The FibMG lengths of 3 and 233 are plotted in white by default, the FibMGs with lengths between 3 and 233 are plotted in blue by default, and the democratic line (DFMG) that averages these lines is plotted in green or red depending on if the value is above or below the 233-length FibMG.
This is the same indicator as our DFMA except using McGinley Dynamic lines as opposed to exponential moving averages.
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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