MyMA + FIBO
This script combines 6 Moving Averages (MAs) with 3 Donchian Channel 78.6% and 21.4% intermediary level lines to perform trade analysis. The 6 MAs (I, II, III , IV, V and VI ) default lengths come from one of the Fibonacci Phi^3 and Phi^3/2 sub series (17, 34, 72, 144, 305 and 610), but can be changed to any values, particularly to the traditionally used 20, 40, 50, 100, 200 and 300. Up to my knowledge, Fibonacci Phi^3 and Phi^3/2 sub series lengths were first proposed by Bo Williams.
The used Moving Averages can be chosen between EMA and MyMA. MyMA is a Moving Average that tries to mimic Bo William's MIMA. Due to the close resemblance between MyMA and MIMA, I do not feel comfortable to open this script source code. In order to learn how this script operates with EMAs, please refer to my Custom EMA + Fibo indicator that has its source code open.
The 3 Donchian Channels used have default lengths 72, 305 and 1292, calculated after the first length default value of 72. For each of the 3 Donchian Channels only an upper line, set by default at 78.6%, is plotted in green and its complement, set to 21.4%, is plotted in red. When the closing price is above 3 green lines, we say it is Forbidden to Sell ( PV ), and when the closing price is below 3 red lines, we say it is Forbidden to Buy ( PC ). Those conditions are flagged on the chart. These PV-PC conditions were, up to my knowledge, first proposed by Bo Williams.
This script also includes optional plot of the Giant MAs to help detecting old Resistance and Support lines when the price seems to be doing new historical highs and lows, respectively. These Giant lines have length greater than 1000.
This script also include the indication of the MA Fans. Those fans are formed when 6 Phi^3/2 distant MAs are ordered, for instance, we say there is EMA Fan 610 if close > EMA 17 > EMA 34 > EMA 72 > EMA 144 > EMA 305 > EMA 610. As far as I know, this concept of EMA Fan was first proposed by Bo Williams.
The used Moving Averages can be chosen between EMA and MyMA. MyMA is a Moving Average that tries to mimic Bo William's MIMA. Due to the close resemblance between MyMA and MIMA, I do not feel comfortable to open this script source code. In order to learn how this script operates with EMAs, please refer to my Custom EMA + Fibo indicator that has its source code open.
The 3 Donchian Channels used have default lengths 72, 305 and 1292, calculated after the first length default value of 72. For each of the 3 Donchian Channels only an upper line, set by default at 78.6%, is plotted in green and its complement, set to 21.4%, is plotted in red. When the closing price is above 3 green lines, we say it is Forbidden to Sell ( PV ), and when the closing price is below 3 red lines, we say it is Forbidden to Buy ( PC ). Those conditions are flagged on the chart. These PV-PC conditions were, up to my knowledge, first proposed by Bo Williams.
This script also includes optional plot of the Giant MAs to help detecting old Resistance and Support lines when the price seems to be doing new historical highs and lows, respectively. These Giant lines have length greater than 1000.
This script also include the indication of the MA Fans. Those fans are formed when 6 Phi^3/2 distant MAs are ordered, for instance, we say there is EMA Fan 610 if close > EMA 17 > EMA 34 > EMA 72 > EMA 144 > EMA 305 > EMA 610. As far as I know, this concept of EMA Fan was first proposed by Bo Williams.
Release Notes:
This update is just to allow regular length Fan to be show despite of the presence of a Giant Fan. This change is due to the fact that Giant Fans usually are very far from usual lengths and should not prevent a relevant local condition to be noticed.
Release Notes:
This update adds dashed plotting option support to Fibo indicator.
Release Notes:
This update adds the Dark Theme option to allow dashed Fibo to be plotted as expected on Dark Theme charts. Dashed plotting is convenient to prevent visual conflict with Giant EMA colors.
Release Notes:
This update is just to fix the EMA calculation in the absence of enough candles. Instead of using TV standard zero price, I use the source (close) price.
Release Notes:
This updates detects the conditions know as "double support" and "double resistance" and plot the thicker MA lines when these conditions hold. A double support condittion happens when the 3 MAs immediately smaller than the corresponding support line are aligned above it. The double resistance condition happens when the 3 immediately smaller MAs are aligned below the resistance line. For instance, we say we have a double support 72 if MA 72 is below the price and MA 8 > MA 17 > MA 34 > MA 72.
Release Notes:
This update is to fix the PV and PC conditions to require their respective 3 lines to be aligned. Therefore, PV condition now requires price > green line 72 > green line 305 > green line 1292. PC condition now requires price < red line 72 < red line 305 < red line 1292.
Release Notes:
This update adds Phi^3 and Phi^3/2 series optional filter selection to MAs and PV/PC enabling/disabling toggle.
Release Notes:
This update adjusts the MA calculation method.
Release Notes:
This update adds Strong Support and Resistance confirmation marks to MA lines that suggests that the price will not go beyond these lines. Those confirmations are based on ROC or SW alignments according to the chosen type option.
Release Notes:
This update adds support to optionally show dwarf (8 and 4) MAs.
Release Notes:
This update just optimizes some implementation aspects.