The indicator is based on Fibo levels.
The Indicator's Objective
- Calculation of the first market movement (from levels 0 to 100).
- Displaying possible price movement from 100 and higher to Profit Level, as well as in the opposite direction to Correction level and Revers level depending on the direction.
The indicator is not redrawn!
All indicator levels can be configured by users:
- CorrectLvl - correction level. When reached, level 100 is drawn (the market has performed its first movement). The recommended value is 0.055.
- Profitlvl - auxiliary level of exiting the market with profit.
- ReversLvl - the level, from which trading in that Fibo direction is stopped. The recommended value is 0.5.
- RestrictLvl - auxiliary level for sorting out the market's overbought/oversold states.
- pBand configures sensitivity of the Fibo grid calculation (in bars). The recommended value is 13.
The Sample Strategy
- Buy signal appears when level 100 is above level 0. A pending order can be placed at any level. Take profit is set to ProfitLvl level. Stop loss is set to ReversLvl level.
- If the order is not activated, while the price has reached ReversLvl, the pending order is to be deleted.
- Exit the market after the objective is achieved.
Alternative UsageIf you set a value for Correction parameter greater than 0.5 and 1 or greater for pBand parameter, then the indicator will calculate extremums.
- Added bAlertCorrection parameter to enable/disable correction point alerts.