OPEN-SOURCE SCRIPT
Bar Retracement
Do you love Fibonacci ratios/levels? Have you ever thought to apply them to individual bars? If you are not familiar with these ratios and their significance, you can read about them here: investopedia.com/terms/f/fibonacciretracement.asp
This simple indicator applies Fibonacci levels on the previous bar. This enables the quick determination of how far the current bar retraced relative to the precious one. Key levels are highlighted in yellow, orange, and red. You can choose to set an alert for "Large Retracements". This can be very useful for ending trades and avoiding full price reversals. There are other insights that can be gleaned as well.
Happy trading...
This simple indicator applies Fibonacci levels on the previous bar. This enables the quick determination of how far the current bar retraced relative to the precious one. Key levels are highlighted in yellow, orange, and red. You can choose to set an alert for "Large Retracements". This can be very useful for ending trades and avoiding full price reversals. There are other insights that can be gleaned as well.
Happy trading...
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 publications 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.