SuperTrend'ed Fibos - DolphinTradeBot

• Overwiev

This indicator aims to assist in taking trades at relatively low price levels in the direction of the main trend and capturing profits at potential reversal points.
What is it for !
The indicator simply performs its calculations by using two multitimeframe SuperTrend indicators, Fibonacci levels, and pivot points. The reason for using MTF in both SuperTrend indicators is that the lengths of the levels are relatively limited, so it allows for a more detailed analysis on lower timeframes.

• How is it work

When both the HTF SuperTrend and the main SuperTrend indicators are in the same direction,

For Uptrend:
Once the main SuperTrend line is violated it barcolor and draws the basic Fibonacci levels between the pivot high point and the SuperTrend line within the trend region . The TakeProfit level is drawn at a distance multiplied by the TakeProfit Multiplier, between the lowest and highest points of the level. When the main trend reverses or the TakeProfit level is violated, it stops drawing.

For Downtrend:
Once the main SuperTrend line is violated it barcolor and draws the basic Fibonacci levels between the pivot low point and the SuperTrend line within the trend region . The TakeProfit level is drawn at a distance multiplied by the TakeProfit Multiplier, between the lowest and highest points of the level. When the main trend reverses or the TakeProfit level is violated, it stops drawing.

How to Use:

To prevent the line thickness from being displayed on the screen, the indicator shows the direction of the HTF SuperTrend indicator by coloring the background. In the settings section, you can adjust:

TakeProfit Multiplier
Fibonacci line colors
HTF SuperTrend activation
HTF SuperTrend settings
Main SuperTrend settings
Fibonacci levels
Custom alert activation
Custom alert level

• Alarm Section

By default, the indicator gives an alert when a level is formed or violated. Additionally, if you want to set an alert for a specific level, you can activate the Custom Alert option and choose your desired level.