Fibonacci Moving Averages [UkutaLabs]

█ OVERVIEW

The Fibonacci Moving Averages are a toolkit which allows the user to configure different types of Moving Averages based on key Fibonacci numbers.

Moving Averages are used to visualise short-term and long-term support and resistance which can be used as a signal where price might continue or retrace. Moving Averages serve as a simple yet powerful tool that can help traders in their decision-making and help foster a sense of where the price might be moving next.

The aim of this script is to simplify the trading experience of users by automatically displaying a series of useful Moving Averages, allowing the user to easily configure multiple at once depending on their trading style.


█ USAGE

This script will automatically plot 5 Moving Averages, each with a period of a key Fibonacci Level (5, 8, 13, 21 and 34).

Both the Source and Type of the Moving Averages can be configured by the user (see all options below under SETTINGS), making this a versatile trading tool that can provide value in a wide variety of trading styles.


█ SETTINGS

Configuration

• MA Source: Determines the source of the Moving Averages (open, high, low, close, hl2, hlc3, ohlc4, hlcc4)
• MA Source: Determines the type of the Moving Averages (SMA, EMA, VWMA, WMA, HMA, RMA)

Colors

• 5: Determines the color of the 5 period Moving Average
• 8: Determines the color of the 8 period Moving Average
• 13: Determines the color of the 13 period Moving Average
• 21: Determines the color of the 21 period Moving Average
• 34: Determines the color of the 34 period Moving Average