Auto Fibonacci Fan with 5 adjustable levels.
This indicator is able draw the Fibonacci Fan automatically on chart based on the input range of bars.
The lines of a Fibonacci fan 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 fan is a practical technique that uses Fibonacci ratios to draw out levels of support and resistance, see chart as an example.
The fibo fan extension lines can be either upwards (rising Fibonacci Fan) or downwards (Falling Fibonacci Fan), and the lines are drawn using Fibonacci ratios, typically 23.6%, 38.2%, 50%, 61.8% and 80.9%.
Features and inputs:
Range, it's the number of bars used to detect the highest and lowest price. The default value is 150 it means the indicator will plot the Fibonacci Fan based on the price range of last 150 bars.
If you want to use different ratios other than the default ones, you can change them from input Level1 to Level5.
You can change the color of each level line, from bottom to top.
The highest and lowest level are auto detected and update in realtime.
Please purchase it from our website or contact us for more info.
The lines of a Fibonacci fan 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 fan is a practical technique that uses Fibonacci ratios to draw out levels of support and resistance, see chart as an example.
The fibo fan extension lines can be either upwards (rising Fibonacci Fan) or downwards (Falling Fibonacci Fan), and the lines are drawn using Fibonacci ratios, typically 23.6%, 38.2%, 50%, 61.8% and 80.9%.
Features and inputs:
Range, it's the number of bars used to detect the highest and lowest price. The default value is 150 it means the indicator will plot the Fibonacci Fan based on the price range of last 150 bars.
If you want to use different ratios other than the default ones, you can change them from input Level1 to Level5.
You can change the color of each level line, from bottom to top.
The highest and lowest level are auto detected and update in realtime.
Please purchase it from our website or contact us for more info.
Release Notes:
Added the fibo level labels and input to turn it ON/OFF.
