Fibonacci Indicator

Aim and objective

To identify Fibonacci level, analysis and define an ABCD cycle for both uptrend, downtrend (depends on the current market situation). The idea is to find the swing highs and swing lows and draws in a moving Fibonacci sequence. 

To find swing high:

High candle can be defined as candle where the candle is at the highest point with 2 candles to the left and 2 candles to the right. The middle candle (between 4 candles) is the highest then that is a high

To find swing low

Low candle can be defined as a candle where the center wick is at the lowest point with 2 candles to the left and 2 candles to the right that are higher than that low. The middle candle (between 4 candles) is the lowest then that is a low

Need to define AB and retracement C to know the extension for both uptrend and downtrend.

How it's work

Shows Fibonacci cycle ABCD and draw Zig Zag lines. Once the cycle has been completed a previous C would be a new A "C (A)" and previous D would come a new B "D (B)". 

(For uptrend) / above A (for downtrend). This should work with all time-frames for uptrend and downtrend. 

At the top right corner a table need to be shown and enabled once identified with potential D target. 

The Fibonacci retracement (C level) should touch one of: 

i. 21.6% = 0.216 (Yellow) 

ii. 14% = 0.14 (Blue) 

iii. 38.2% = 0.382 (Red) 

iv. 50% = 0.5 (Red)  

v. 61.8 = 0.618 (Red) 

The Fibonacci extension ( D level) target once C identified:

i. 118% = 1.18 (Blue) -  Blue retracement

ii. 127.2% = 1.272 (Yellow) - Yellow retraction

iii. 161.8% = 1.618 (Red) -  Red retraction

Following examples on how it will work: