The Fibonacci spiral is one of the greatest tools produced by the amazing Fibonacci sequence and numbers. It is considered by many traders to be the ultimate tool for predicting human behavior in the financial markets. The formation of a Fibonacci spiral can even be seen in nature on shells, petals of flowers, seed heads, the arrangement of leaves and stems, and even in glaxies.
Fibonacci spiral is a special spiral that grow from the center in the Fibonacci ratio 1.618, which is also called the golden ratio. Every time the spiral makes a full turn it extends it self by Fibonacci ratio.
This script will plot Fibonacci golden spiral on the chart. It is very easy and very flexible to use.
After the script initialize it will draw square and a spiral. If the square is not correctly scaled you can resize it and the spiral will immediatly be redrawn. You should rescale the square until you get the desired shape for the spiral.
I hope you like the script.