This study aim to automate PitchFan drawing tool and combines it with Fibonacci Extentions/Retracements and .
Common setting options, applied to all components of the study
Deviation, is a multiplier that affects how much the price should deviate from the previous in order for the bar to become a new . Increasing its value is one way to get higher timeframe Levels
Depth, affects the minimum number of bars that will be taken into account when building
Historical PitchFan / Fibonacci Levels option will allow plotting of PitchFan / Fibonacci Levels on previous Highs/Lows
█ PɪᴛᴄʜFᴀɴ — is a set of rays spreading out of the point of a trend's beginning. These rays inclined with the coefficients formed by a Fibonacci number sequence. It is recommended to adjust the Pitchfan plottings to fit after the first wave of the trend has passed and the correction has clearly begun.
PitchFan rays corresponding to Fibonacci levels appear on a chart and represent inclined lines of . Price areas near these rays are estimated areas from which the price can turn around or make a significant rebound. The whole logic of working with a pitchfan is based on one simple idea - if the price has bounced off the level, then the correction is likely to end, and the trend will continue. If the price has broken the first resistance, you should wait for the next level test
- Automatically plots PitchFan Rays, based on Lows/Highs.
- Ability to set ALERTs for each PitchFan Ray Level
- PitchFan Labels displays the price of the line at the last bar, the price value will be recalculated in each new bar
Please check the link provided below with the educational post of how to apply , application of pitchfan is same keeping in mind the recommendation stated above
█ Fɪʙ Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛs / Exᴛᴇɴꜱɪᴏɴꜱ
Fibonacci retracements is a popular instrument used by technical analysts to determine areas. In , this tool is created by taking two extreme points (usually a peak and a trough) on the chart and dividing the vertical distance by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%.
Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel AFTER a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse.
IMPORTANT NOTE: Fibonacci extensions option may require to do further adjustment of the study parameters for proper usage. Extensions are aimed to be used when a trend is present and they aim to measure how far a price may travel AFTER a retracement/pullback. I will strongly suggest users of this study to check the education post for further details where to use extensions and where to use retracements
- Automatically plots possible levels, based on Lows/Highs.
- Ability to set ALERTs for each /Retracement Level
- Labels displays the level and the level price
█ Zɪɢ Zᴀɢ — The is used to help identify price trends and changes in price trends. The plots points on a chart whenever prices reverse by a percentage greater than a Deviation variable. Straight lines are then drawn, connecting these points. The serves base for PitchFan and Fibonacci Retracements / Extensions
PitchFan is often used in combination with the other indicators and/or drawing tools such as , Fibonacci Channels, Fibonacci Time Zone and others. It allows identify the most powerful areas from which price can turn and to get more accurate trading signal
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Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
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added backgroud coloring option, thanks to new pine feature
- imporved label customizations
- converted to Pine v5
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