Fibonacci Moving Average

Fibonacci moving averages are a more reactive form of EMA utilizing the Fibonacci sequence (1 2 3 5 8 13 ... etc) to weight values.

This method gives several advantages of EMAs: they respond much sooner to price action while still weighting for past values and longer MAs (200 candle, 800 candle) etc moving averages can be calculated from candle 1 - handy for newly listed cryptocurrencies, equities, ETFs, etc.

The script allows for up to 5 moving averages. They can also be set as WMAs which weight older values more than recent to create slow/fast MAs.

They can be used the same way regular EMAs/WMAs are used: crossovers give trade entry/exit points, can indicate trend by alignment with other MAs and by their angle up/down, and - less useful for FMAs since no one else uses them - they can provide resistance.
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.


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