This script is essentially a ribbon of set at various Fibonacci levels. The script will produce alerts when the price rises, or falls below certain levels within the bands, provided the input and conditions are also met. I have also added alerts labelled 'LV', which will fire without the additional confirmation of and , I have found these helpful sometimes.
I have been using the script on the 5 minute chart in order to close manually opened positions incrementally per bar with autoview using limit orders, I wouldn't recommend using the script to open positions, as you may be caught out in trending markets.
Here's how I've been using the alerts:
Buy Zone 1 LV - This buy alert ignores the and conditions
Buy Zone 1 - Begin closing short position
Buy Zone 2 - Close additional portion of short position
Buy Zone 3 - Close additional portion of short position
Sell Zone 1 LV - This sell alert ignores the and conditions
Sell Zone 1 - Begin closing long position
Sell Zone 2 - Close additional portion of long position
Sell Zone 3 - Close additional portion of long position
Hopefully this helps some of you out!
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
Want to use this script on a chart?