siddmuk2005

Fibonacci EMA [sidd]

EMA with Fibonacci Numbers, I have developed this system for finding trend , support and resistance in lower time frame and higher time frame.

If Candles closes below at least 4 Fibonacci line then trend is down if Candles closes are above minimum 4 Fibonacci line the trend is up.

Fibonacci line act as support for Uptrend market similarly same lines act as resistance for downtrend market.

Before new trend start all lines shrink together and looks like single thick line.
And When trend almost matures then all lines are expanded and they have spaces between them.

Hope it will help new trader. This study is not for Buy and Sell.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Almost 1150 point captured with this free tool in 15 minute chart.

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