OPEN-SOURCE SCRIPT
Updated Fibonacci Zone + EMA Ribbon
This script combines two well-known concepts into a single indicator: the Fibonacci Zone and the EMA Ribbon.
The Fibonacci Zone highlights potential support and resistance levels derived from recent price ranges, helping traders identify key breakout or reversal areas.
The EMA Ribbon overlays multiple exponential moving averages, providing a clear visual representation of market trend and momentum.
Together, these two tools allow traders to assess both dynamic support/resistance and trend direction at a glance, making it easier to spot confluence zones and high-probability trading opportunities.
This indicator can be effectively applied on shorter timeframes such as 5m, 15m, or 30m for active trading.
For additional confirmation of medium- to long-term trend direction, it is recommended to complement it with the 20-period SMA from the 4H timeframe.
The Fibonacci Zone highlights potential support and resistance levels derived from recent price ranges, helping traders identify key breakout or reversal areas.
The EMA Ribbon overlays multiple exponential moving averages, providing a clear visual representation of market trend and momentum.
Together, these two tools allow traders to assess both dynamic support/resistance and trend direction at a glance, making it easier to spot confluence zones and high-probability trading opportunities.
This indicator can be effectively applied on shorter timeframes such as 5m, 15m, or 30m for active trading.
For additional confirmation of medium- to long-term trend direction, it is recommended to complement it with the 20-period SMA from the 4H timeframe.
Release Notes
Bars that meet specific volume conditions are highlighted in neon green and neon pink.Release Notes
Code translated into EnglishRelease Notes
Added option optimization and momentum candle color toggle featureOpen-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.
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.
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.