Fibonacci Ribbon and Levels
- Indicatori
- Versione: 1.0
Fibonacci Ribbon and Levels brings the usual Fibonacci tools together on one chart and draws them automatically.
EMA ribbon
- Up to seven EMAs whose periods are Fibonacci numbers, starting from a chosen index (5-8-13-21-34-55-89 by default).
- Choice of applied price.
Automatic Fibonacci levels
- The latest swing is the highest high and lowest low within a lookback (120 closed candles by default). The leg direction comes from which extreme came first.
- Retracement levels 0, 23.6, 38.2, 50, 61.8, 78.6 and 100%. Optional 127.2% and 161.8% extensions.
- A shaded zone between two levels you choose (0.618 to 0.786 by default), with an alert when a closed candle trades into it.
Fibonacci time zones
- Optional vertical lines at 1, 2, 3, 5, 8, 13, 21... candles from the start of the swing.
Dashboard
- Ribbon periods, leg direction, swing high and low, leg length compared with recent legs, zone prices, and whether price is inside the zone.
How it calculates
Swing levels are recalculated once per new candle from closed candles. When price makes a new high or low inside the lookback, the levels move to the new swing. This is how automatic Fibonacci tools work, and it should be expected. The EMAs are standard and update with each tick on the forming candle.
Forex and gold
Levels are based on price swings, so they work the same on EURUSD, GBPUSD, USDJPY and XAUUSD. On gold, a lookback of 100 to 200 candles on M15 to H1 gives swings most traders would draw by hand. A longer lookback suits larger swings.
Inputs
Ribbon: show, first Fibonacci index, number of EMAs, applied price.
Levels: show, swing lookback, extension to the right, extensions, colours, zone on/off, zone start and end, zone colour.
Time zones: show, count, colour.
Alerts: zone entry, pop-up, push.
Dashboard: show, corner, position, font size, colours.
Notes
- Fibonacci levels are a way of measuring a move. They do not predict where price will turn.
- This indicator does not open, modify or close trades. It is an analysis tool and not financial advice. No result is guaranteed.
Questions and suggestions are welcome in the comments section of this product.
