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.
Release Notes: 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.
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Comments

I saw that I made a mistake, the high fib should be calculated as hl-dist*0.236.
+9 Reply
geo.stan88 eykpunter
@eykpunter,Amazing! thanks!
+2 Reply
very interesting indicator. how does your strategies for long and shorts look like?
+3 Reply
Is there a minimum number of bars you wouldn't use like 10-15?
+3 Reply
Hello!

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

Thanks.
Reply
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.
Reply
eykpunter gfglenn1
@gfglenn1, I think Fibonacci levels are between relevant previous high and low, to be relevant we need to take the closest high and low that stand out and look genuine. However, this algorithm cannot judge relevance like a human analyst would, so we have to do it by setting the look back period not too long. My experience teaches me to use 20-30 candles. But you can see what happens ik you take a longer look back period.
Reply
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