Auto Fibonacci Channel indicator for MultiCharts

This MultiCharts indicator is able draw the Fibonacci Channel automatically on chart based on the input range of bars.

The lines of a Fibonacci Channel used Fibonacci ratios determined by the Fibonacci series, typically 23.6 percent, 38.2 percent, 50 percent, 61.8 percent and 80.9 percent. They can be used to estimate support and resistance levels.
 

Fibonacci Channel is a practical technique that uses Fibonacci ratios to draw out levels of support and resistance, it is a variation of the Fibonacci retracement pattern, with the trend lines running diagonally rather than horizontally. It can be applied to both short-term and long-term trends, as well as to up and down trends.see chart below as an example.

As chart below shows, the Channels can be either upwards (rising Fibonacci Channel ) or downwards (Falling Fibonacci Channel ), and the lines are drawn using Fibonacci ratios, typically 23.6%, 38.2%, 50%, 61.8% and 80.9%.

Click an image to view at full size.

How does it work?

It helps to identify potential support/resistance as price moves towards to or along the Fibonacci Channel.

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 Channel 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 ___ _ _ ___ _ _ ___ _ _ ___ 

If there is not enough space on the right side of the chart, you may encount a situation as shown in the image above, the Fibonacci Channel may look like squeezed. All you need to do is drag the indicator along with the price bars to left side.

 

You can do this by selecting the "hand" icon on the top right of the MultiCharts toolstrip.

The Fibonacci Channel will become normal as shown in the image below after there is enough space on its right side.

This Fibonacci Channel indicator works on all timeframes

Click an image to view at full size.