I love to play around with different methods for detecting support and resistance level. So today here is a new approach, which could be interesting to a few of you. I call it exhaustion level.
I'll give a brief introduction on how the indicator works and leave the testing/applying to you.
How does it work?
The method is basically very simple....
//@v1.2 Fibonacci Moving Average (EMA/SMA) Bundle
//Save your TV indicator use counts by using the Fibonacci SMA/EMA all in one indicator! Toggle between Exponetial or Simple moving averages functionality, using Fibonacci the sequence.
//Fib moving averages are very good at locating support and resistance zones on multiple time frames....