[blackcat] L1 Fibonacci Counter

11 Jan 2022

Level: 1

Background

I believe that many traders must be familiar with the Fibonacci sequence. In live trading, we also use the Fibonacci sequence to predict the probability of a change in direction at an important stage of the market. , In the market analysis method, the Fibonacci sequence appears frequently.


Function

Drawing Fibonacci cycles manually is usually more labor-intensive. Here I tentatively implement a technical indicator that automatically draws Fibonacci time windows. It can automatically locate the high and low points of historical prices, and count them. When the period displayed by the counter is a Fibonacci number, it will be highlighted with a yellow background color and marked with the Fibonacci number. value.

Inputs

Counter Max Lookback --> Default 987.

Key Signal

Red bgcolor --> historical high with Fib hits
Green bgcolor --> historical low with Fib hits

Remarks

This is a Level 1 free and open source indicator.

Feedbacks are appreciated.

19 Apr

Nota Keluaran

OVERVIEW
The [blackcat] L1 Fibonacci Counter is a powerful tool designed to help traders identify key Fibonacci retracement levels and detect significant price movements based on these levels. This indicator calculates and plots multiple Fibonacci levels using exponential moving averages (EMAs), providing valuable insights into potential support and resistance zones. Additionally, it highlights important Fibonacci sequence hits on the chart for enhanced visualization 📊💡.

FEATURES

Customizable Max Lookback Period to adjust the range of historical data considered 🕒

Calculates and plots key Fibonacci retracement levels:

19.1%
38.2%
50% (midpoint)
61.8%
80.9%
Highlights detected Fibonacci sequence hits with markers and background colors:

13 Hits
21 Hits
34 Hits
55 Hits
89 Hits
144 Hits
233 Hits
377 Hits
Uses exponential moving averages (EMAs) for smoother and more reliable level plotting 📈

HOW TO USE

Add the indicator to your TradingView chart by selecting it from the indicators list.
Adjust the Max Lookback Period input according to your preference and market conditions ⚙️.
Monitor the chart for plotted Fibonacci levels and highlighted Fibonacci hits indicating potential support/resistance zones and significant price movements.
Use these levels in conjunction with other technical analysis tools for better decision-making.
LIMITATIONS

The effectiveness of the indicator may vary depending on the chosen Max Lookback Period.
False signals can occur in highly volatile or ranging markets 🌪️.
Users should combine this indicator with other forms of analysis for better results.
NOTES

The script imports external libraries (e.g., pandas_ta) for additional functionalities.
Ensure that you have sufficient historical data available for accurate calculations.
Test the indicator thoroughly on demo accounts before applying it to live trading 🔍.