The Fibonacci Trailing Stop indicator creates a Trailing Stop, based on Fibonacci levels which are retrieved from the latest swing high & low. This provides a Trailing Stop-line.
🔶 USAGE
The Fibonacci Trailing Stop can indicate the current trend direction.
Shadows can also provide potential support/resistance areas.
Users can also display Fibonacci retracements.
🔶 CONCEPTS
🔹 Basic principles
There are 2 basic principles:
Every new swing will create or update a new Fibonacci pattern, potentially changing the Fibonacci Trailing Stop (FTS)
The Trend depends on whether the FTS is crossed/breached, the trigger is a chosen 'level/trigger' (settings -> Fibonacci Trailing Stop -> Level/Trigger)
In an uptrend, these levels will be placed at the bottom half of the pattern.
In a downtrend, these levels will be placed at the top half of the pattern.
Once a trend is established, the Trailing Stop will only update in the direction of the trend:
Only higher when in an uptrend
Only lower when in a downtrend
If a Trailing Stop line is broken, the trend shifts to the other direction
The FTS line is accompanied by a secondary line (colour-filled), created by smaller swings (half of L/R, rounded to above)
EXAMPLES
• New bullish Trend/pattern • Updating later on
• Bearish Trend -> breached -> New bullish Trend -> Trend is updated later on, and is breached at the end:
• Trend broken -> new Trend/direction:
• Bearish Trend -> breached -> New bullish Trend -> breached -> New bearish Trend (Here you see the latest cross of the bullish trend)
🔹 Shadows & latest Fibonacci
The indicator contains the option to show:
Latest Fibonacci
Shadows: previous Fibonacci Levels (will only appear after a 1 bar delay)
Shadows can be very useful to provide support/resistance areas, especially from large shadow-blocks.
When shadows are enabled, the color fill of Latest Fibonacci and FTS will be removed, this to provide less clutter:
Swing labels: show labels of swings (updated in the same direction)
🔹 Fibonacci Trailing Stop
Level - Toggle - Custom value
• Choose pré-set levels [[]-0.5, -0.382, -0.236 , 0, 0.236, 0.382, 0.5, 0.618[]] • Choose custom level -> Toggle enabled and adjust the number at the right
Trigger: set trigger for breaching the FTS, close or wick (high in downtrend/low in uptrend)
I have a few questions for you. First, why didn't you use the overorder block system? Second, where is the exit limit for each of your positions?
davoodfire
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Hello, you are a very good programmer and I am happy to follow you. Thank you for the xscripts you write.
davoodfire
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For example, the positions that are below in the descending blocks should be displayed only with shorts so that the direction of your position is clear.
trylebtrade
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Does a new Fibonacci occur here every time a new swing occurs? Or does it only occur on swings that have passed a certain logic? I hope I could explain it (So Fibonacci is drawn from each new swing without going through any filters?)
J-T-K
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Good job, the alarms don't work
SKP_OPTIONS_2021
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Thanks a lot
Pratik_4Clover
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Thanks!
leventnailakin
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Thanks.
gcastellini
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Good Work!!!!
PROFIT_MAKERZ
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Excellent indicator! Thank you! Is there anyway you can add Multiple time frames? Thank you in advance!