This strategy combines Fibonacci Retracement, Pivot Points, and the Relative Strength Index (RSI) to identify key support/resistance levels, overbought/oversold conditions, and potential trade opportunities.
Features:
Fibonacci Retracement Levels:
Key levels (38.2%, 50%, 61.8%) are plotted to identify potential support and resistance zones. Helps traders determine possible reversal or bounce points. Pivot Points:
Automatically detects swing highs and lows on the chart. Assists in locating key levels for entry or exit. Relative Strength Index (RSI):
Identifies overbought (above 70) and oversold (below 30) conditions. Provides additional confirmation for trades. Entry and Exit Conditions:
Buy Signal: Triggered when the price bounces from a Fibonacci retracement level and RSI is below 30 (oversold). Sell Signal: Triggered when the price rejects a Fibonacci retracement level and RSI is above 70 (overbought). Customization Options:
Adjust Fibonacci levels, pivot point sensitivity, and RSI thresholds to suit different markets and trading styles. Visualization:
Fibonacci retracement levels and pivot points are displayed directly on the chart. RSI is plotted in a separate panel, with overbought/oversold levels clearly marked. This strategy is designed for educational and testing purposes. Use it as a foundation for further backtesting and adapting to your trading approach.
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.
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.