- Length: Lookback period for the .
- Mult: Multiplier for the RMSD, allows returning wider fans.
- Lines Per Side: Number of lines on each side of the fan.
- Src: Input source of the indicator.
Traders often use the lines of fans to determine significant points of support or resistance at which they might expect price variations to reverse.
The length can be adjusted so that the starting point of the is located at a high/low.
Some technical analysts use the measure rule of broadening with fans when price breaks one of the extremities. This allows setting precise take-profits/stop-losses.
To learn more about the measure rule see:
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.