Fibonacci Levels

6 Sep 2023

Description

It is used to create Fibonacci levels based on the backward 120/240/360 bar and to detect the bottoms and peaks in that range. The feature can be used by traders who trade at support and resistance. Showing 3 different levels retrospectively in the same time period allows support and resistance levels to be easily seen.

• Gray Levels: Gives Fibonacci levels based on the 120 bar time frame.
  
• Blue Levels: Gives Fibonacci levels based on the 240 bar time frame.
  
• White Levels: Gives Fibonacci levels according to the 360 bar time frame.
  
• Top Red Levels: Gives peak levels of 21/28/60/90...300/330/360 bars.
  
• Bottom Blue Levels: Gives bottom levels of 21/28/60/90...300/330/360 bars.
  

Usage

• Where the lines are concentrated can serve as good support and resistance. In this case, it would be quite logical to try a position.
  
• For trend corrections, 38.2%/50%/61.8% Fibonacci levels can be followed as strong support.
  

Different

Seeing the levels of certain retrospective periods together makes it easier to understand where the trend will turn or correct. It also provides simplicity in use with different indicators by being outside of the timeframe.


Works Well Together

Using it together with the "Bollinger Levels" indicator is very useful for taking better positions.


Version

v1.0

17 Sep 2023

Nota Keluaran

Added 0.886 fibonacci levels

20 Nov 2023

Nota Keluaran

Rounding display of decimal prices has been adjusted. Numbers with higher decimal values are now rounded correctly.

26 Nov 2023

Nota Keluaran

Retracement levels of the downtrend are added with dashed lines. Since the levels 0, 38.2, 50, 61.8, 100 are symmetrical, they are not shown separately.

17 Jun

Nota Keluaran

• The levels have been separated to make it more understandable.
  
• Title information has been changed for clarity.
  

17 Jun

Nota Keluaran

• Color editing feature has been added to make the texts more understandable, independent of the lines.