The Fibonacci retracement is also called the golden mean or golden section.
It has been used to analyze the proportions of natural objects as well as man-made systems such as financial markets.
The mathematics of the golden ratio and of the Fibonacci sequence is intimately interconnected. The Fibonacci sequence is:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, ....
The golden ratio is the limit of the ratios of successive terms of the Fibonacci sequence (or any Fibonacci-like sequence).How it works?
It shows the Golden Ratio support and resistance levels for a given range and display the corresponding ratio on the right side of the levels. The price range and levels are adjustable by user, you can easily identify the major and minor support/resistance levels from the chart with your desired inputs.
Features and inputs:
- Range, it's the number of bars used to detect the highest and lowest price. The default value is 300 it means the indicator will plot the Fibonacci retracement based on the price range of last 300 bars.
- If you want to use different ratios other than the default ones, you can change them from input Level1 to Level4.
- You can change the color of each level line, the Line1 is the bottom one and Line6 is the top one. Please use the following available colors: Black Blue Cyan DarkBlue DarkBrown DarkCyan DarkGray DarkGreen DarkMagenta DarkRed DarkYellow Green LightGray Magenta Red White Yellow
- The highest and lowest level are auto detected and can't be changed.
- Line style: you can enter from 1 to 5.
1 is Solid like this: ______________________
2 is Dashed - - - - - - - - - - - - - - - - - - -
3 is Dashed ............................................
4 is Dashed2 __ _ __ _ __ _ __ _ __ _ __
5 is Dashed3 ___ _ _ ___ _ _ ___ _ _ ___
It works on all timeframes.
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