Auto Fib Channels by DGT

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The Fibonacci Channel is a technical analysis tool that is used to estimate support and resistance levels based on the Fibonacci numbers. It is a variation of the Fibonacci retracement tool, except with the channel the lines run diagonally rather than horizontally.

This study will automatically place the channels where the levels indicate future areas of support and resistance

For further details please refer to education post

Nobody appears to know whether Fibonacci tools work because markets exhibit some form of natural pattern or because many investors use Fibonacci ratios to predict price movements, making them a self-fulfilling prophecy.

█ Study OPTIONS

  Auto Fibonacci Channels, the main aim of the study
    - Pivot threshold can be adjusted via “Deviation” and “Depth” input options
‏    - Historical Channels / Retracements option will allow plotting of Channels on previous pivot high/lows
    - Ability to set ALERTs for the Channel Levels
    - Channel Labels displays the price of the line at the last bar, the price value will be updated in each new bar

  Auto Fib Retracement – This is the build-in study of TradingView, customized to be in-line with Fibonacci Channels
    - Pivot threshold can be adjusted via “Deviation” and “Depth” input options
‏    - Historical Channels / Retracements option will allow plotting of Retracements on previous pivot high/lows
    - Ability to set ALERTs for the Retracement Levels

  Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.


Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely

The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script

٦ أبريل ٢٠٢١

ملاحظات الأخبار

small tweak with line reference calculations

١٣ أبريل ٢٠٢١

ملاحظات الأخبار

Update

Fibonacci Extensions are added as an alternative option to Fibonacci Retracements
For proper usage of Fibonacci Extensions or Fibonacci Retracements I will strongly suggested to check the education post that I published related to topic :

Guide lines added to better emphasis where the fib channel, retracement and extension are referenced

UniColor option added to quickly change the colors of all lines of a fib channels and fib extensions or fib retracements

Added short description to frequently asked input options “Deviation” and “Depth”, for Higher Time Frame (HTF) values it is suggested to increase “Deviation” and/or “Depth”

١٥ فبراير ٢٠٢٢

ملاحظات الأخبار

update : thanks to new pine feature, added background coloring option