OPEN-SOURCE SCRIPT
bgeraghty_FibCast
This script draws a High-To-Low or Low-To-High Fibonacci Retrace over the chart, based on which of those two happens in the given time period (Default is 144 Candles).
Updates from older versions:
- Paints 0.5, 0.618, 0.65 and spaces in between, giving good hindsight to the trend, and ideas of where strong support/resistance may lie.
- Silver Paint Strip = 0.50 retrace, Gold = 0.618-0.65, and the Red/Green between indicates the direction of the (Fib) Trend as H->L or L->H
- Paints 0.144 and 0.886 ranges Blue, and these are typically extremes or possible reversal zones. (PRZ)
Updates from older versions:
- Paints 0.5, 0.618, 0.65 and spaces in between, giving good hindsight to the trend, and ideas of where strong support/resistance may lie.
- Silver Paint Strip = 0.50 retrace, Gold = 0.618-0.65, and the Red/Green between indicates the direction of the (Fib) Trend as H->L or L->H
- Paints 0.144 and 0.886 ranges Blue, and these are typically extremes or possible reversal zones. (PRZ)
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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