OPEN-SOURCE SCRIPT
Fibonacci Levels
The 420 VWMA (Volume Weighted Moving Average) per period selected of the low price (Fib 0) and the high price (Fib 1). They are labeled in Color of the line they represent.
The other Fib lines are calculated using common fib ratios as follows:
longRange_fib2618 = highestHighperLongRange +
(highestHighperLongRange - lowestLowperLongRange) * 1.618
longRange_fib1618 = highestHighperLongRange +
(highestHighperLongRange - lowestLowperLongRange) * .618
longRange_fib786 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.236
longRange_fib618 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.382
longRange_fib50 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.500
longRange_fib382 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.618
longRange_fib236 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.764
Those lines are drawn and labeled to right of chart
The 2 heavy whites and the short range of the Fib1 (Top) and Fib0 (Bottom). Eyes on chart when it approaches one those two points. This is where I look for continuation or reversal patterns, especially near a Longterm Fib
The Red, Green, Yellow and Blue are colored ratio lines that I am experimenting with and will later combine with a multiple time frames to show discernable patterns of potential near future movements.
The prices interacts with the fib lines and each of the the colored ratio lines as you go from small to larger time frames.
I will be publishing this soon to allow the community to improve on it.
The other Fib lines are calculated using common fib ratios as follows:
longRange_fib2618 = highestHighperLongRange +
(highestHighperLongRange - lowestLowperLongRange) * 1.618
longRange_fib1618 = highestHighperLongRange +
(highestHighperLongRange - lowestLowperLongRange) * .618
longRange_fib786 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.236
longRange_fib618 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.382
longRange_fib50 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.500
longRange_fib382 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.618
longRange_fib236 = highestHighperLongRange -
(highestHighperLongRange - lowestLowperLongRange) * 0.764
Those lines are drawn and labeled to right of chart
The 2 heavy whites and the short range of the Fib1 (Top) and Fib0 (Bottom). Eyes on chart when it approaches one those two points. This is where I look for continuation or reversal patterns, especially near a Longterm Fib
The Red, Green, Yellow and Blue are colored ratio lines that I am experimenting with and will later combine with a multiple time frames to show discernable patterns of potential near future movements.
The prices interacts with the fib lines and each of the the colored ratio lines as you go from small to larger time frames.
I will be publishing this soon to allow the community to improve on it.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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