TechniTrend: Dynamic Local Fibonacci LevelsTechniTrend: Dynamic Local Fibonacci Levels
Description: The "Dynamic Local Fibonacci Levels" indicator dynamically displays Fibonacci levels only when the market is experiencing significant volatility. By detecting volatile price movements, this tool helps traders focus on Fibonacci retracement levels that are most relevant during high market activity, reducing noise from calm market periods.
Key Features:
Adaptive Fibonacci Levels: The indicator calculates and plots Fibonacci levels (from 0 to 1) only during periods of high volatility. This helps traders focus on actionable levels during significant price swings.
Customizable Chart Type: Users can choose between Candlestick charts (including shadows) or Line charts (excluding shadows) to determine the high and low price points for Fibonacci level calculations.
Volatility-Based Detection: The Average True Range (ATR) is used to detect significant volatility. Traders can adjust the ATR multiplier to fine-tune the sensitivity of the indicator to price movements.
Fully Customizable Fibonacci Levels: Traders can modify the default Fibonacci levels according to their preferences or trading strategies.
Real-Time Volatility Confirmation: Fibonacci levels are displayed only if the price range between the local high and low exceeds a user-defined volatility threshold, ensuring that these levels are only plotted when the market is truly volatile.
Customization Options:
Chart Type: Select between "Candles (Includes Shadows)" and "Line (Excludes Shadows)" for detecting price highs and lows.
Length for High/Low Detection: Choose the period for detecting the highest and lowest price in the given time frame.
ATR Multiplier for Volatility Detection: Adjust the sensitivity of the volatility threshold by setting the ATR multiplier.
Fibonacci Levels: Customize the specific Fibonacci levels to be displayed, from 0 to 1.
Usage Tips:
Focus on Key Levels During Volatility: This indicator is best suited for periods of high volatility. It can help traders identify potential support and resistance levels that may be more significant in turbulent markets.
Adjust ATR Multiplier: Depending on the asset you're trading, you might want to fine-tune the ATR multiplier to better suit the market conditions and volatility.
Recommended Settings:
ATR Multiplier: 1.5
Fibonacci Levels: Default levels set to 0.00, 0.114, 0.236, 0.382, 0.5, 0.618, 0.786, and 1.0
Length for High/Low Detection: 55
Use this indicator to detect key Fibonacci retracement levels in volatile market conditions and make more informed trading decisions based on price dynamics and volatility.
