Fibonacci Waves — Indicator by R2D2B2C2

fibonacci waves fibowaves fibwaves pinecode pinescript code banksecret

First of all, ignore all other lines in the example chart except the four FAT lines. The four fat lines are the ones that define the fibonacci price leves. The lines have different extension offset to the right. The shortest one is the end of the second wave ( or leg B ), the next one is the end of C, the one following that is the end of D and the final one is the end of the final leg E.

The two input parameters is the start of A and the end of A.

If the start of A is larger than then end of A, the calculated series is a downward trend, else it is an upward trend.

Calculation based on old EWT simple wave expansion by fibonacci sequence.
0.618, 1.618, 0.382

Based on this source:

Best Regards,
/Hull, 2015.05.20.15:50 ( placera.se )

Open-source script

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.

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.

Want to use this script on a chart?

study(title="Fibonacci Waves", shorttitle="Fibw", overlay=true)

Astart = input(title="A leg start", type=float, defval=0.0, minval=0.0)
Aend = input(title="A leg end", type=float, defval=0.0, minval=0.0)

// simple function with two args
fib1618(x) => x*1.618
fib0618(x) => x*0.618
fib0382(x) => x*0.382

A = Aend
B = fib0618(Astart - Aend) + A 
C = B - fib1618(Astart - Aend) 
D = C - fib0382(C - B)
E = D - Astart + Aend

plot(B,title='B wave end', color=green,linewidth=2,offset=15) 
plot(C,title='C wave end', color=blue,linewidth=2,offset=30) 
plot(D,title='D wave end', color=purple,linewidth=2,offset=45) 
plot(E,title='E wave end', color=red,linewidth=2,offset=60)