Volume RSI Fibonacci Bands

16 Jul 2019

Hey all,

This script is essentially a ribbon of Bollinger Bands set at various Fibonacci levels. The script will produce alerts when the price rises, or falls below certain levels within the bands, provided the input RSI and volume conditions are also met. I have also added alerts labelled 'LV', which will fire without the additional confirmation of volume and RSI , I have found these helpful sometimes.

I have been using the script on the 5 minute chart in order to close manually opened positions incrementally per bar with autoview using limit orders, I wouldn't recommend using the script to open positions, as you may be caught out in trending markets.

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Here's how I've been using the alerts:

Buy Zone 1 LV - This buy alert ignores the volume and RSI conditions
Buy Zone 1 - Begin closing short position
Buy Zone 2 - Close additional portion of short position
Buy Zone 3 - Close additional portion of short position

Sell Zone 1 LV - This sell alert ignores the volume and RSI conditions
Sell Zone 1 - Begin closing long position
Sell Zone 2 - Close additional portion of long position
Sell Zone 3 - Close additional portion of long position

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Hopefully this helps some of you out!