eykpunter

Fibonacci Zone

My first attempt in Pine.
It is a Donchian Channel, but in stead of the median line I added the four Fibonacci lines and colored three of the five ensuing zones in suggestive colors.
The blue zone is up trend zone
The gray zone is ranging zone
The orange zone is down trend zone.
The white zones are 'in betweens'
For the fibs to function properly it needs to be a 20 - 30 period channel.
Versionshinweise: Periods now adaptable in the inputs, corrected the calculation of the Highest Fibonacci Line
Gave the borders a title and added better remarks in the script code.

Enjoy, Eykpunter.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Kommentare

very interesting indicator. how does your strategies for long and shorts look like?
+10 Antworten
I saw that I made a mistake, the high fib should be calculated as hl-dist*0.236.
+9 Antworten
geo.stan88 eykpunter
@eykpunter,Amazing! thanks!
+3 Antworten
Is there a minimum number of bars you wouldn't use like 10-15?
+4 Antworten
How to use Fibonacci Zone ?
+3 Antworten
Hello!

Is there a way derive 0 and 1 values of Fib retracement already drawn on the chart using TradingView tools?

Thanks.
Antworten
amazing!
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Thanks! this is Great!
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thank you!
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On your latest Release Notes Does this mean that the periods no longer have to be between 20-30.
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