MG - Fibonacci Alerts - 1.0

16 Apr 2018

This script allows a user to get alerts when the price goes within a certain percentage threshold of a Fibonacci level.

If connected with AutoView, it could allow an easy way to do automated range trading between Fibonacci levels. Although I plan to do this myself, I haven't used it for this purpose yet so please be cautious and verify with live results beforehand before using it for any automation.

NOTE: The image shown of the indicator is not fully correct as the close price is used. In many cases in the example image, the candle close price DID come within the alert threshold but closed outside the threshold

Usage:

1. User performs a Fibonacci retracement / extension analysis to identify a sensible high and low point. (Currently, this script is geared towards dip pullbacks during a bull market with the ability to toggle rise pullbacks in a bear market in the pipeline)
2. User enters the high and low points into this indicator
3. User can then set alerts on the buy and sell signals which should provide alerts at excellent entry / exit points.
a. Alerts must be created on the buy and sell signal bars. E.g. Buy signal => Alert when 'Buy Signal' crosses up '0.9'
4. Set the alerts to once per bar (not per close). In this indicator, we want to catch things as soon as they happen.

NOTE: Should use in conjunction with another indicator for maximize results.

I personally use this indicator (tradingview.com/script/JV2WLRcM-Indicator-Multiple-Moving-Averages-1-0/)

TODO

- Add negative alert levels
- Allow user to specify direction of Fib retracement as the levels are different in bull and bear markets

All feedback is welcome
2 hours ago