OPEN-SOURCE SCRIPT
Updated RK's 13 - Moving Average with Fibonacci Lines
█ OVERVIEW
After some chart measures, I noticed that if we took the difference between fast and slow Moving Average lines and apply the Fibonacci ratios, we get a very reliable support and resistance level for each bar.
So, I made this script to help me (and anyone who wants to use it) know where we should close or put stops in our orders.
█ HOW TO USE IT:
Choose your preferred Moving Average type and Lengths;
Select the Fibonacci Ratios and test Reverse Lines option to get better levels.
Other useful input options:
Tips:
• If you put your mouse in the ratio label, it will show the price in that position
• This script works better when the lines are well apart.
After some chart measures, I noticed that if we took the difference between fast and slow Moving Average lines and apply the Fibonacci ratios, we get a very reliable support and resistance level for each bar.
So, I made this script to help me (and anyone who wants to use it) know where we should close or put stops in our orders.
█ HOW TO USE IT:
Choose your preferred Moving Average type and Lengths;
Select the Fibonacci Ratios and test Reverse Lines option to get better levels.
Other useful input options:
- Show Labels: Display every Fibonacci Ratio you are using;
- Labels Offset Position: Place where the Fibonacci Ratio will appear and get the price in that position;
- Project Moving Average Lines in the Future: Draws project Line in the chart.
Tips:
• If you put your mouse in the ratio label, it will show the price in that position
• This script works better when the lines are well apart.
Release Notes
█ PATCH NOTES: Version 1.2
- Fixed a Little Bug that plot NA values as 0.0
- Put the script link inside the code
Release Notes
Fixed a simple color BugOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.