OPEN-SOURCE SCRIPT
Fibonacci Moving Average
Updated
The Fibonacci Moving Average is a powerful indicator that takes into account many underlying moving averages to give out an approximate short-term/long-term view of the markets. Its strength lies with dynamic support and resistance levels. I have created this indicator in order to improve trend-following entry positions.
Release Notes
The new version of the Fibonacci Moving Average has new lookback periods updated to reflect better reactivity levels. For instance, more lookback periods from the Fibonacci sequence have been added.The Fibonacci Moving Average calculates many exponential moving averages using lookback periods from the Fibonacci sequence on both highs and lows to form a dynamic support/resistance zone.
As a reminder, the Fibonacci Moving Average - FAMA is used exactly as other moving averages with a preference of trading the reactions whenever the market approaches the zone.
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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