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This indicator draws range channel (High-Low) with 5 intermediate levels based on Fibonacci (38.2, 23.6, 50, 61.8).

It has the next inputs:

  • periods: Number of bars used to calculate the channel.
  • showupper: True/False ("True" to show the highest high price "False" to hide it).
  • showlower: True/False ("True" to show the lowest low price "False" to hide it).
  • showfirst: True/False ("True" to show 1st level price "False" to hide it).
  • showsecond: True/False ("True" to show 2nd level price "False" to hide it).
  • showthird: True/False ("True" to show 3rd level price "False" to hide it).
  • showfourth: True/False ("True" to show 4th level price "False" to hide it).
  • showfifth: True/False ("True" to show 5th level price "False" to hide it).
  • ColorUpper: Color of the highest high price.
  • pricewidthUpper: Size of the highest high price.
  • ColorLower: Color of the lowest low price.
  • pricewidthLower: Size of the lowest low price.
  • ColorSecond: Color of 2nd level price.
  • pricewidthSecond: Size of 2nd level price.
  • ColorThird: Color of 3rd level price.
  • pricewidthThird: Size of 3rd level price.
  • ColorFourth: Color of 4th level price.
  • pricewidthFourth: Size of 4th level price.
  • ColorFifth: Color of 5th level price.
  • pricewidthFifth: Size of 5th level price.
  • ma: Moving average calculation mode (simple, exponential, smoothed, linear weighted).
  • calculation: Calculation mode.
    • Range: Channel calculated using the highest high and the lowest low.
    • StDev: Channel calculated using standard deviation.

The lines are customizable (colours, style, width).

# Colour Width Style
0 Red 1 0
1 Red 1 0
2 PaleTurquoise 1 0
3 DarkGray 1 0
4 DarkOrchid 1 0
5 Chocolate 1 0
6 Turquoise 1 0
7 Blue 1 0

The table above shows the default settings that can be customized.

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Version 2.0 2016.05.26
Added new calculation mode:
-StDev: Channel calculated using deviations and Fibonacci ratios.
-Range: Uses highest high and lowest low and intermediate Fibonacci levels.
Version 1.10 2016.03.31
Added visible prices for every band. Price labels can be customized in color and size, and can be easily switched off by changing "true" to "false".