RSI + FIB HH LL StopLoss Finder/Contrarian Trades

This indicator is a multi-timeframe indicator that works in any timeframe.

It takes a price reading of the highest or lowest bar in the past based on Fibonacci numbers and plots it.

In addition, the RSI smoothed by a 5-day moving average can be used to detect signs that previous highs or lows will be reached in advance.

This gives insight into determining stop-loss values or entering the market in a contrarian manner.

This is an example of BTCUSDT 4Hour Chart

Here is BTCUSDT 1Hour Chart

For scalpers BTCUSDT 15min Chart Example

Fibonacci Number is 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1597, ...
FIbonacci Ratio is 0.236, 0.382, 0.5, 0.618, 1, 1.618, 2.618, 4.236, ...
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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