Custom Fib by Dr. Maurya

10 giu 2023

This indicator is based on purely Fibonacci levels.


How it works:

Let's first understand the Fibonacci levels.

The main Fibonacci numbers are 0, 0.236, 0.392, 0.5, 0.618, 0.764, 1 whereas 0 equal to low and 1 equal to high.
As the market is moving in any direction, new lows or new highs are developing and hence Fibonacci levels are also changing throughout the time.
Sometime market retraces from various levels like 0.5, 0.618/0.382(mirror value), 0.762/0.236 (mirror value).

Retracement : The three mid-level 0.382, 0.5 and 0.618 are act as a retracement or like pivot levels for market. These levels are filled with green and red colors to attention the buyers and sellers to take a trade either side if any candlestick pattern are observed at these levels.

one direction trend takes support of 0.236/0.786(mirror value) (blue line in chart)

Sometime buy/sell on dip levels are happen at 0.762/0.392 (mirror value).

Targets: Target could be Fibonacci extension level lowest targets (1, 1.18, 1.23,), medium targets (1.39, 1.5, 1.61) and large target (2.0, 2.5.2.61, 3.0) as depended on your study volume levels and trend strength.

Stoploss: You can choose any preceding lines for stoploss: e.g. if you enter long on 0.618 or 0.5 levels you can set SL on 0.762

Previous day three mid-point 0.382, 0.5, 0.618 (filled with red and green color) as well as high and low could also act as resistance or support levels for current day market.

Lets understand the Input section of indicator

The first input section allowed to choose where you want to start developing Fibonacci : select session for intraday then weekly, monthly and yearly options are available.

Now you can set any Fibonacci levels (as you wish) you can set upto 20 levels.
By default, total 7 Fibonacci levels are plotted (0, 0.236, 0.392, 0.618, 0.762 and 1.
Further you can set Fibonacci extension level for long side (1.18, 1.23, 1.39, 1.5, 1.61, 2 etc).

You must be careful when you enter Fibonacci extension level lower side (short side). You need to enter value -0.5 (equal to 1.5 for long). -0.618 (equal to 1.618 for long), -1(equal to 2.0 for long).

You can fill color between any two adjacent lines from style sections.
You can also select labels from input tab if you want to see Fibonacci numbers on chart as labels.
You can also shift the labels from current bar to desired offset bar by changing the value in input section.

Conclusion

This indicator is highly customisable developing Fibonacci levels because everyone and different scripts works on different fib levels.
This indicator keeps the Fibonacci levels at a particular time and it plots only new lines when new low or high established without affecting the previous Fibonacci levels. Overall, as the market moves, you will find the trending plot goes which side.

13 giu 2023

Note di rilascio

Bugs updated....

8 set 2023

Note di rilascio

Nug updated

20 set 2023

Note di rilascio

Now Fibonacci level can be seen along with Price label in brackets.

if you want any other changes, please comment.

11 ott 2023

Note di rilascio

bug updated
v 221.0

12 lug

Note di rilascio

V 222.0

Removed the trackprice dotted line to make it clean