Fibonacci Levels Based on Supertrend [By MUQWISHI] — Indicator by MUQWISHI

pivotpointsandlevels trendanalysis averagetruerange fibonacciretracement supertrend reversal fibonacciextension support resistence levels fibonnacci

A “Fibonacci Levels Based on Supertrend” indicator is supertrend indicator planned with Fibonacci retracements levels. Fibonacci retracements provides a sequence of levels starting from 0% to 100% in addition to extension levels. 0% is measured to be the initial Supertrend line, and 100% is the previous Supertrend line where it has been broken by candle. This tool could be valuable in terms of managing trades by setting targets and reducing the risk in the trend direction.

█ OVERVIEW

█ INDICATOR SETTINGS

Please let me know if you have any questions.
Thank you.

Release Notes:

UPDATES:

Code Optimization.
Added a brief historical run-up statistics table that contains

1. The percentage of trades with max run-up corresponding with each Fibonacci level over historical trades.
2. Total historical trades.
3. Median Fibonacci Level over historical trades.
4. Mean Fibonacci Level over historical trades.

Thank you

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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.

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