enhancing Fibo Levels

• 09/13/2020 at 4:18 PM #144113
  ammar.berrou

  here’s my first post on this forum, I hope you find it useful:
  In this post, I’ll explain how I enhanced Fibo levels, share the code, and the ready indicator attached for convenience.

  check the below image

  The image is DOW future Hourly chart (Fri 4th Sep), as you see it gives much better bounds to the market compared to Bollinger Bands, I also added a grey color fill between R1/R2 and S1/S2 for more clarity, the lower grey zone would be the ‘ground’ and the upper is the ‘cloud’. Needless to say, the longer time frames (day, week) respects those boundaries even more, but it is stronger proof of my claim to use it on hourly chart.

  Conventionally in Fibo levels, it is calculated for last price only, here it is continuous, and visually this one is easier to comprehend.

  How to trade it: whenever the price reaches one of the grey zones look for a rebound (swing) or a new trend, a higher time frame would help. as usual wait for 2nd or 3rd confirmation, volume shall confirm the signal.

  here’s the pro-real-time code:

  parameters:

  extreme (boolean) to calculate the range based on open/close or high/low
  P (integer) how many candles to search for the range, I suggest 50
  av (integer) average period, I suggest 50 also

  reason I made P different from av, is to allow the indicator to see more history than the average if needed.

   

  You need a color fill between R1 & R2, S1 & S2
  I hide S3, R3 and dif

  enhanced Fibo Levels

  if extreme then hh= Highest[P](high) else hh = Highest[p](close) endif if extreme then ll=lowest[P](low) else ll=lowest[p](close) endif PP = (hh + ll + average[av](close)) / 3 dif = (hh - ll) dif3 = (dif* 1.000) dif2=(dif * 0.618) dif1 = (dif * 0.382) Rr3 = PP + dif3 Rr2 = PP + dif2 Rr1 = PP + dif1 Ss1 = PP - dif1 Ss2 = PP - dif2 Ss3 = PP - dif3 return PP as "Pivot", dif as "Histogram", rr1 as "R1", rr2 as "R2",rr3 as "R3", ss1 as "S1",ss2 as "S2",ss3 as "S3"

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  if extreme then hh= Highest[P](high) else hh = Highest[p](close) endif   if extreme then ll=lowest[P](low) else ll=lowest[p](close) endif   PP = (hh + ll + average[av](close)) / 3 dif = (hh - ll) dif3 = (dif* 1.000) dif2=(dif * 0.618) dif1 = (dif * 0.382) Rr3 = PP + dif3 Rr2 = PP + dif2 Rr1 = PP + dif1   Ss1 = PP - dif1 Ss2 = PP - dif2 Ss3 = PP - dif3   return PP as "Pivot", dif as "Histogram", rr1 as "R1", rr2 as "R2",rr3 as "R3", ss1 as "S1",ss2 as "S2",ss3 as "S3"

   

  

  ammar.berrou

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  09/14/2020 at 9:18 AM #144178
  Nicolas

  Thanks a lot ammar, very interesting and useful. I think that this indicator desserve to be shared into our indicators library, is it possible that you post it here please? It would attract more the attention of people! Share your ProRealTime code in the library

  1 user thanked author for this post.

  ammar.berrou

  

  Nicolas

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  09/14/2020 at 7:09 PM #144252
  ammar.berrou

  Getting this kind message from you Nicolas has made my day,

  without your posts/ support it would have not been so easy to effectively use Pro Realtime.

  As you suggested, I posted it there, a more user-friendly names were given to the parameters, and the indicator: ‘fibo bounds’

  1 user thanked author for this post.

  Nicolas

  

  ammar.berrou

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  09/15/2020 at 7:52 AM #144279
  Nicolas

  Thanks again ammar, I appreciate your time and effort to give back to the community, have a nice day.

  

  Nicolas

  Keymaster

  Topics: 81

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