FIBONACCI BANDS by KIVANCfr3762 — Indicator by KivancOzbilgic

Calculated with a default value of 14 periods of EMA and 14 periods of Average True Range ( SMA )

There are 4 levels of upper bands and 4 levels of lower bands in the indicator

its calculated adding and subtracting ATR( SMA ) values with coefficients 1, 1.618, 2.618 and 4.236 (Fibonacci ratios) to EMA of close prices.

Top and Bottom Fibo lines are aceepted as significant Resistance and Support levels.

Threads: threads.net/@kivancozbilgic

YouTube (Turkish): youtube.com/c/kivancozbilgic

YouTube (English): youtube.com/c/AlgoWorld

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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