OPEN-SOURCE SCRIPT
B3 Fibonacci Pivot S/R
For my second share, I give you some levels I look at everyday for the ES minis. HLC/3 of the MTF (multi-time-frame) inputs = mean and Fib-levels formed as support and resistance zones. There are some websites that will show you 20 ways to figure out a pivot for the day's intraday workings, and this one always rang true for me. I keep it set at Res=D and Len=3or5 and use on hourly charts. This indicator is capable of doing like a Res=60m Len=8 for a 5m chart or something of that nature if you wish to test it out.
I haven't tested it out for tick charts and I have noticed that this is good on index and commodity futures, and not so much other things.
Uncanny to me how well this works as reversal awareness for ES. Doesn't mean that one will happen, or if it does that it will have trade-able juice, though it is very important awareness never-the-less.
http://screencast.com/t/4aPAkFE8ep5
I haven't tested it out for tick charts and I have noticed that this is good on index and commodity futures, and not so much other things.
Uncanny to me how well this works as reversal awareness for ES. Doesn't mean that one will happen, or if it does that it will have trade-able juice, though it is very important awareness never-the-less.
http://screencast.com/t/4aPAkFE8ep5
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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