The Automatic Fib Retracement - Silver -0.24% script indicates the 50-61.8% pullback region.
The lines of the upper and lower , the areas are also highlighted.
Customisable Fib Length - Time period over which max and min are chosen.
Offsetfib - Automatically offsets the and sell zone as your entry position
will be some time after the upper and lower are set.
Works well when used in combination with an oscillator which highlights Divergence.
A strategy based off buying the 50-618 with a defined stop loss and target can be the basis of your strategy.
This tool will automatically plot those points but a defined Risk Management strategy will always be needed.
Works best in trends but will work on all timeframes ( correction in an uptrend also possible).
Previous shown but be careful to identify which of the several you are using.
Start at a larger timeframe and move down. (Entries consistent on several timeframes are golden)
and retracements are dynamic. Be sure to note your entry and targets.
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