Zigzag Fibonacci Golden Zone [UAlgo]

🔶 Description:

The "Zigzag Fibonacci Golden Zone" aims to identify potential trend pullback points by utilizing a combination of zigzag patterns and Fibonacci "Golden Zone (0.618 - 0.786)" retracement levels. It plots zigzag lines on the price chart, highlighting significant swing highs and swing lows, and overlays Fibonacci retracement levels to indicate potential support and resistance zones. Additionally, it provides options to display buy and sell signals based on specific criteria.

🔶 Key Features:

Zigzag Lines: The indicator plots zigzag lines on the price chart, marking significant swing highs and swing lows. These lines help traders visualize the direction and magnitude of price swings.

Fibonacci Retracement Levels: The indicator overlays Fibonacci retracement levels on the chart, indicating potential support and resistance levels. These levels are derived from the Fibonacci sequence and are commonly used by traders to identify reversal points.

Fibonacci occurs again when a new zigzag low or high is created :

Before new zigzag low pivot appears,

After new Zigzag low pivot appears,

As you see new fibonacci created after new pivot found also price bounced from retracement zone.

Customization Options: Traders can customize various parameters of the indicator, such as the length of the zigzag pattern, color preferences for different elements, and visibility of price labels and buy/sell signals.

Buy/Sell Signals: The indicator generates buy and sell signals based on predefined criteria, such as price movements relative to Fibonacci levels and other market conditions. These signals can help traders identify potential entry and exit points in the market.

Example :

Disclaimer:

Please note that trading involves significant risk, and past performance is not indicative of future results. The "Zigzag Fibonacci Golden Zone" indicator is provided for informational purposes only and should not be considered financial advice. Traders should conduct their own research and analysis before making any investment decisions. Additionally, the indicator's performance may vary depending on market conditions and other factors. Users are encouraged to use the indicator as part of a comprehensive trading strategy and to exercise caution when trading in the financial markets.

Release Notes:

Chart update.