LuxAlgo

Fibonacci Trailing Stop [LuxAlgo]

The Fibonacci Trailing Stop indicator creates a Trailing Stop, based on Fibonacci levels which are retrieved from the latest swing high & low. This provides a Trailing Stop-line.

🔶 USAGE


The Fibonacci Trailing Stop can indicate the current trend direction.


Shadows can also provide potential support/resistance areas.


Users can also display Fibonacci retracements.

🔶 CONCEPTS

🔹 Basic principles

There are 2 basic principles:
  1. Every new swing will create or update a new Fibonacci pattern, potentially changing the Fibonacci Trailing Stop (FTS)
  2. The Trend depends on whether the FTS is crossed/breached, the trigger is a chosen 'level/trigger'
        (settings -> Fibonacci Trailing Stop -> Level/Trigger)

  • In an  uptrend, these levels will be placed at the bottom half of the pattern.
  • In a downtrend, these levels will be placed at the top half of the pattern.

Once a trend is established, the Trailing Stop will only update in the direction of the trend:
  • Only higher when in an uptrend
  • Only lower when in a downtrend

If a Trailing Stop line is broken, the trend shifts to the other direction

The FTS line is accompanied by a secondary line (colour-filled), created by smaller swings (half of L/R, rounded to above)

EXAMPLES

• New bullish Trend/pattern
• Updating later on

• Bearish Trend -> breached -> New bullish Trend -> Trend is updated later on, and is breached at the end:

• Trend broken -> new Trend/direction:

• Bearish Trend -> breached -> New bullish Trend -> breached -> New bearish Trend (Here you see the latest cross of the bullish trend)

🔹 Shadows & latest Fibonacci

The indicator contains the option to show:
  • Latest Fibonacci
  • Shadows: previous Fibonacci Levels (will only appear after a 1 bar delay)

Shadows can be very useful to provide support/resistance areas, especially from large shadow-blocks.

When shadows are enabled, the color fill of Latest Fibonacci and FTS will be removed, this to provide less clutter:


🔶 SETTINGS

🔹 Swings


🔹 Fibonacci Trailing Stop

  • Level - Toggle - Custom value
   • Choose pré-set levels [-0.5, -0.382, -0.236 , 0, 0.236, 0.382, 0.5, 0.618]
   • Choose custom level -> Toggle enabled and adjust the number at the right
  • Trigger: set trigger for breaching the FTS, close or wick (high in downtrend/low in uptrend)

🔹 Fibonacci

  • Latest Fibonacci: show Latest Fibonacci
  • Shadows: show Shadows

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All scripts & content provided by LuxAlgo are for informational & educational purposes only. Past performance does not guarantee future results.
Open-source Skript

Ganz im Spirit von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es besser verstehen und überprüfen können. Herzlichen Glückwunsch an den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Veröffentlichung unterliegt den Hausregeln. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.

Haftungsausschluss

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