█ Overview The Fibonacci Structure & Trend Channel (Expo) is designed to identify trend direction and potential reversal levels and offer insights into price structure based on Fibonacci ratios. The algorithm plots a Fibonacci channel, making it easier for traders to identify potential retracement points. Additionally, the Fibonacci market structure is plotted to enhance traders' understanding of the underlying order flow.
█ How to Use Identify Trends Use the plotted Fibonacci Trend Line to identify the direction of the market trend. A green line typically signifies a bullish trend, while a red line signifies a bearish trend.
Retracement Levels The plotted Fibonacci levels can act as potential support or resistance levels. Look for price action signs at these levels for entry or exit points.
Channel Trading If you enable the Fibonacci channel, the upper and lower bounds can act as overbought or oversold levels.
Market Structure The plotted Fibonacci market structure serves as a valuable tool for dissecting the underlying order flow and gauging the strength or weakness of a trend. By analyzing these structures, traders can identify key levels where supply and demand intersect, which often act as pivotal points for trend reversals or accelerations. This visual representation simplifies complex market dynamics. Whether you're looking to catch a new trend early or seeking confirmation for a potential reversal, understanding the market structure plotted by the Fibonacci ratios can provide actionable insights for various trading strategies.
Use the Table The information table can provide quick insights into the current trend and when it started.
█ Settings
The Fibonacci settings allow traders to specify the Fibonacci retracement levels that will be used to calculate the trend and its channel.
The Fibonacci Structure Trend Channel structure settings enable traders to fine-tune how the indicator identifies and plots the underlying price structure.
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This script is such a gem💎! I want to recommend that you add -0.272, -0.618 and -1.618. These levels will act as take profit levels. Thanks for sharing, you are doing a great job.
Zeiierman
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@akintades333, Thank you, glad you like it! Thanks for the suggestions! We will look into it.
humorousEagle91324
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I can't find out Fibonacci structure and trend line expo
Zeiierman
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@humorousEagle91324, To access the indicator, either boost the script or add it to your favorites. :D
TradeWiseWithEase
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Oh God... if There is a Trader's Country. People would worship you :D.