OPEN-SOURCE SCRIPT
Updated [RS][UNTESTED]CAP Fibo Channel V2
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 creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.