Main info This script automatically draws you the Fibonacci retracement level called golden pocket from the latest detected pivot point to the actual price. This level is very popular among traders because the price tends to reverse on this level pretty often. You should use this on higher timeframes 15m+.
It is good to keep in mind that this level alone is not enough, you should still have another level there to enter the trade, for example golden pocket in combination with a demand zone is pretty solid. :)
Settings
The length for pivot point calculation is available in the script settings.
You can enable inverted golden pocket (for shorts)
You can hide/show the pivot point labels
If you want any updates, just feel free to write me :)
ملاحظات الأخبار
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Added fill between lines based on user's feedback. Users can configure it in settings -> style.
ملاحظات الأخبار
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Bugfix - Accidentally published wrong fill for inverted level.
ملاحظات الأخبار
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change colors - add green fill for longs and red fill for shorts
Neat indy. Would it be possible to add the ability to extend the previous pocket level with dotted lines for X amount of bars? I've noticed sometimes the markete over extends a bit to the previous level on shorter time frames. Thanks!
patrik1470
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@robertcs68, thank you! Basically, the script works in a way that it is looking for pivot highs/lows and for the highest/lowest price from those pivots. Afterwards, it draws a golden pocket in between those. Extending that would mean really a lot of dots because the highest/lowest price from the last pivots actually changes pretty often. What I can do is save the previous pivots as well, and then draw another golden pocket in between the previous pivots and the current price. Is that what you mean?
sanjaykumarsingh2011
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Sir how to use this indicator is there any vedio sir.
Can you download the 0.50 level of Fibonacci retracement with the 0.68 level? To become a strong region