memecators.fun Rolling Rainbow
The rolling rainbow uses an arbitrary pivot and calculates the deviation based on a short Fibonacci series.
The concept is simple. We employ a proprietary algorithm to select a pivot point in a deterministic fashion. Following selection, we used a short Fibonacci series to plot support and resistance areas away from the pivot . This works well when the price is moving sideways in the given time frame. If there is a strong trend causing the price to move beyond the last support or resistance, the pivot will be adjusted accordingly.
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Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact terminal10 directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.