Fibonacci Bobokus Target
This is an indicator of target levels formed by preliminary bars if the H4 or D1 timeframes. Calculation is based on the difference between the High and Low of the bar before the current bar on the appropriate timeframe. The indicator draws BUY and SELL target levels assuming that they will be reached (pleaser test it using history data).
In addition to the targets, the indicator displays two more levels: buy and sell.
Please note that any levels present borders of price movements, crossing which can be a signal for making decisions. If the price fails to reach the targets, this is a good signal of a possible reversal towards opposite targets.
When you point he mouse to the line, you see the level details, as well as the price level it will be reached at. The levels do not take into account spreads. Remember that BUY positions are closed at BID prices, and SELL positions are closed at ASK.
- MinBars - number of bars for calculation. The default is 500. 0 - the entire history.
- 1-4 Hours; 2-1 Day - select calculation level. Default is 1, i.e. H4.
It is assumed that the H4 calculated level should be applied to up to H1, and the D1 level should be used for 1 to 4 hours.