This indicator is a trend filter based on fibonacci retracement levels
How to read:
- There are three filled zones --> red, yellow and green
- If the price is inside of red zone, there is a downtrend on the market
- If the price is inside the yellow zone, there is a sideways trend on the market
- If the price is inside the green zone, there is a uptrend on the...
This indicator serves a purpose of a trend recognizer. It is able to tell you whether the market is bullish, bearish or if the price goes sideways.
Process of determining the trend:
- The indicator uses 3 moving averages to determine the trend
- For each of these averages, there is calculated value change over a certain period. So, if the value of Moving...
