OPEN-SOURCE SCRIPT
MA Multiplier with Fibonacci
Updated
This implementation of the "2-Year MA Multiplier" gives you some control over the indicator, you can change the multiplier from it's default of 5, you can change the lookback from it's default of 730 days and I've also added three fibonacci traces between the moving average and it's multiple that you can play with. Oh and you can also choose the data source ('close' or 'hl2' make most sense).
The formula for this indicator was created by Philip Swift.
Thanks to Pladizow for pointing me to this indicator.
The formula for this indicator was created by Philip Swift.
Thanks to Pladizow for pointing me to this indicator.
Release Notes
- Added calculating at 4H resolution which is a lot smoother for 4H and 1H timeframes. (1H resolution would exceed the 5K candle limit of basic accounts)- Now has 5 fibonacci lines (default activates only 0.786 as that is where Bitcoin is trading right now)
- Added option to disable Sell and Buy-Zone color fill
- Added option to select the averaging algorithm between SMA, EMA, WMA and HMA (default is the original SMA)
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.
Disclaimer
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