OPEN-SOURCE SCRIPT
Bollinger Bands and Fibonacci Intraday Strategy
xplanation of the Strategy:
Bollinger Bands:
The script calculates the upper and lower Bollinger Bands using the simple moving average (SMA) and the standard deviation of the price.
Buy Signal: When the price is below the lower Bollinger Band and is above the Fibonacci support level (0.236 or 0.382, depending on price action).
Sell Signal: When the price is above the upper Bollinger Band and is below the Fibonacci resistance level (0.618).
Fibonacci Levels:
The script calculates the Fibonacci retracement levels (0.236, 0.382, and 0.618) based on the highest high and lowest low of the last 20 bars.
These levels help identify potential support and resistance zones for entries and exits.
Buy Conditions: A buy order is triggered when:
The price crosses below the lower Bollinger Band (indicating oversold conditions).
The price is above the Fibonacci level (indicating potential support for a bounce).
Sell Conditions: A sell order is triggered when:
The price crosses above the upper Bollinger Band (indicating overbought conditions).
The price is below the Fibonacci level (indicating potential resistance for a reversal).
Exit Conditions: The strategy exits positions using fixed stop loss and take profit levels (you can adjust them in the settings).
How to Use:
Copy and paste this script into the Pine Script editor on TradingView.
Adjust the Fibonacci levels and Bollinger Band settings as necessary.
Set the stop loss and take profit values in pips.
Apply the strategy to an intraday chart (like 5-minute, 15-minute, or 30-minute) and observe how it behaves.Q
Bollinger Bands:
The script calculates the upper and lower Bollinger Bands using the simple moving average (SMA) and the standard deviation of the price.
Buy Signal: When the price is below the lower Bollinger Band and is above the Fibonacci support level (0.236 or 0.382, depending on price action).
Sell Signal: When the price is above the upper Bollinger Band and is below the Fibonacci resistance level (0.618).
Fibonacci Levels:
The script calculates the Fibonacci retracement levels (0.236, 0.382, and 0.618) based on the highest high and lowest low of the last 20 bars.
These levels help identify potential support and resistance zones for entries and exits.
Buy Conditions: A buy order is triggered when:
The price crosses below the lower Bollinger Band (indicating oversold conditions).
The price is above the Fibonacci level (indicating potential support for a bounce).
Sell Conditions: A sell order is triggered when:
The price crosses above the upper Bollinger Band (indicating overbought conditions).
The price is below the Fibonacci level (indicating potential resistance for a reversal).
Exit Conditions: The strategy exits positions using fixed stop loss and take profit levels (you can adjust them in the settings).
How to Use:
Copy and paste this script into the Pine Script editor on TradingView.
Adjust the Fibonacci levels and Bollinger Band settings as necessary.
Set the stop loss and take profit values in pips.
Apply the strategy to an intraday chart (like 5-minute, 15-minute, or 30-minute) and observe how it behaves.Q
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.
Want to use this script on a chart?
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.