OPEN-SOURCE SCRIPT
[RS][UNTESTED]CAP Fibo Channel V2
Updated
V2 of previous CFC, added optional bull/bear squeeze.
squeeze can get a bit messy on extremely oversold/overbought markets like currently USDJPY in 1 hour timeframe, or any currency on low time frame during high volatility.
squeeze can get a bit messy on extremely oversold/overbought markets like currently USDJPY in 1 hour timeframe, or any currency on low time frame during high volatility.
Release Notes
Update for V5:Channel centered around the cumulative average price(CAP) and using the average difference of high/close/low CAP's
to generate a action zone over the Price Action(PA), so that PA can be assimilated faster.
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Note: this works better on ranging markets, as a strong rising trend tends to stay above average and falling trend
tends to stay bellow average. there's a bit of a mental process to assimilate that.
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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