Fibonacci 0.786 and Shark Fin Finder

2 days ago

Here’s a description template for your **Fibonacci 0.786 and Shark Fin Finder** indicator or strategy to share with the TradingView community. The description emphasizes its purpose, features, and how others can benefit from using it.

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**Fibonacci 0.786 and Shark Fin Finder**
**Overview**
The **Fibonacci 0.786 and Shark Fin Finder** are custom indicator designed to help traders identify high-probability trading opportunities by combining key Fibonacci retracement levels and momentum signals. It scans for price retracements to the critical 0.786 Fibonacci level and alerts users to potential "shark fin" patterns using RSI momentum. This is ideal for traders looking for precision entries in trending or consolidating markets.

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**Key Features**
1. **Automatic Fibonacci 0.786 Level Detection:**
Automatically calculates the 0.786 retracement level based on recent price highs and lows.
plots the level on the chart for easy reference.

2. **Shark Fin RSI Alerts:**
Detects when the RSI forms a sharp reversal from overbought (>80) or oversold (<20) zones.
Great for identifying potential reversals or pullbacks.

3. **Customizable Inputs:**
Adjust the RSI period, overbought/oversold thresholds, and lookback length to suit your trading style.
Easily adaptable for different asset classes or timeframes.

4. **Alert System:**
Sends alerts when either the 0.786 Fibonacci retracement level is reached or a Shark Fin RSI pattern is detected.
Alerts can be sent via popup, email, SMS, or webhook for automation.

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#### **Who Should Use This?**
- **Swing Traders:** Looking to identify retracement opportunities in trending markets.
- **Scalpers:** Catching short-term reversals or pullbacks using Shark Fin RSI signals.
- **Trend Traders:** Adding confluence to entries or exits by combining Fibonacci levels with RSI momentum.

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**How to Use It**
1. Add the indicator to your chart.
2. Watch for price nearing the plotted 0.786 Fibonacci level.
3. Look for Shark Fin RSI patterns to confirm potential reversals.
4. Use the built-in alert system for automated notifications.
5. Combine it with other technical analysis tools like trendlines, support/resistance, or volume for enhanced accuracy.

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**Example Settings**
RSI Length:** 14
Overbought Level:** 80
Oversold Level:** 20
Lookback Length for Fibonacci:** 14 bars

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**Trading Tips**
Use the indicator on higher timeframes (4H, daily) for swing trades and lower timeframes (15m, 1H) for scalping.
Combine it with volume analysis or candlestick patterns for stronger confirmations.
Always practice proper risk management, such as setting stop-loss and take-profit levels.

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**Disclaimer**
This indicator is a tool to support your analysis and is not a guarantee of profitable trades. Use it alongside your trading strategy and risk management plan.