Donchian Fibo Channels — Indicator by PolarSolar

1. Set PRZ level for watching
2. Set period as swing time X 2 (or more)
3. Wait rebound from PRZ or PRZ break (use next if break)

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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// Created by PolarSolar 09 May 2016
// Updated: none

study(title="Donchian Fibo Channels", shorttitle="DFC", overlay=true)
length = input(20, minval=1)
lo = lowest(length)
hi = highest(length)
range = abs(hi-lo)
prz = input(0.618, title="PRZ level",minval=0.236, maxval=0.886, step=0.001)
d = close[1]>hi-(range*prz)?1:-1
r236 = d>0?hi-(range*0.236):lo+(range*0.236)
r382 = d>0?hi-(range*0.707):lo+(range*0.382)
r500 = avg(hi,lo)// basis
r618 = d>0?hi-(range*0.618):lo+(range*0.618)
r707 = d>0?hi-(range*0.707):lo+(range*0.707)
r786 = d>0?hi-(range*0.786):lo+(range*0.786)
r886 = d>0?hi-(range*0.886):lo+(range*0.886)

plot(lo, color=gray, linewidth=2, title="HIGH")
plot(hi, color=gray, linewidth=2, title="LOW")
plot(r236, color=#BA55D3, title=".236") // violet
plot(r382, color=#4169E1, title=".382") // blue
plot(r500, color=#00BFFF, linewidth=2, title=".500") // light blue
plot(r618, color=#32CD32, title=".618") // green
plot(r707, color=#FFD700, title=".707") // yellow
plot(r786, color=#FF8C00, title=".786") // orange
plot(r886, color=red, title=".886") // red