Fibo Bands

v10.3
Fibo Bands

I hope you find it useful, in this post, I’ll explain my proposal to enhance Fibonacci levels, share the code, and the ready indicator attached for convenience.

The image is DOW future Hourly chart (Fri 4th Sep), as you see the ‘Fibo Bands’ gives much better bounds to the market compared to Bollinger Bands,

For clarity I added a grey color fill between R1/R2 and S1/S2, the lower grey zone would be the ‘ground’ and the upper is the ‘cloud’.

Needless to say, the longer time frames (day, week) respects those boundaries even more, but it is stronger proof of my claim to use it on hourly chart.

Conventionally in Fibo levels, it is calculated for last price only, here it is continuous, and visually this one is easier to comprehend.

How to trade it: whenever the price reaches one of the grey zones look for a rebound (swing) or a new trend, a higher time frame would help, as usual wait for 2nd or 3rd confirmation, volume shall confirm the signal.

here’s the pro-real-time code:

Parameters:

extreme (boolean) to calculate the range based on open/close or high/low
History (integer) how many candles to search for the range, I suggest 50
Average (integer) average period, I suggest 30 to 50

reason I made History different from Average, is to allow the indicator to see more history than the average if needed.

You need a color fill between R1 & R2, S1 & S2
I usually hide S3, R3 and dif, less is more

Share this

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

New! PRC is also now on YouTube, subscribe to our channel for exclusive content and tutorials

avatar
Register or

Likes

avatar avatar avatar
Related users ' posts
geroniman bonjour Nicolas merci pour tous ces itf. J'utilsie une stratégie qui dépend d'un niveau de 5...
Nicolas Oui c'est possible. Merci de ne pas poster des demandes qui sont hors sujets. Pour les deman...
max-trading Bonjour, C'est bizarre, quand j'installe cet indicateur mon graphique des prix se resserr...
Nicolas Dans les paramètres du prix, il faut choisir la mise à l'échelle basée sur le prix uniquement.
Nick FX Junkie Good evening all, Is there any way this indicator can be transferred into a strategy code?
Canis Majoris Hi , Helpful indicator ...
Bhanu Pratap Great Work Sir, Hats Off.
bolsatonimora2 Hi Roberto, It is possible to modify this indicator which it marks the supports and resist...
robertogozzi What do you mean by "very high volume"? What do you want to be printed exactly?
JayD Dans "modifier" Il faut ajouter les variables en cliquant sur la clé dans le bar en haut. Vo...
Kris75 Merci Jeanguy, suis très preneur de vos stratégies profitables avec cet indicateur !!
Screw27 Salut je vient d’installer ton indicateur mais il fonctionne pas ça m’indique un message d’e...
bertrandpinoy hello juanj, can you send the code repair by your good care to try scalping please?
rama what is the buy condition or sell condition for this can you suggest a code k1=1 buy and k1...
rama I would like to know at point 1 an alert or binary indicator so that I can place order
Bard Very interesting approach Vonasi! I'm getting a 404 error when trying to download though?
Vonasi I just tested and I was able to download with no error.
Psari Hi Vonasi, I am a newbie and was wondering whether you could possibly help me with this pro...
Dari when I put the indicator does not put it on the price, sn in a new box like many indicators....
Nicolas by adding it on price instead. Use the wrench on the left upper side of your price chart.
Vonasi It is a long time since I coded this. You may have found a coding error. At a glance I think...
Vonasi Yes that was the issue. I have posted an updated ITF file here: https://www.prorealcode.com/...
crolakstrading @vonasi Thank you for fixing the issue! This is a great indicator.
Vonasi It is possible but I will need to reread the code and remind myself how it works as I coded ...
Giogio hello dear Vonasi, thank you for your indicator, can I ask you for some help in order to let...
Pottar24 HI Vonasi I would like to know how can this algorithm give me the value of the last max e mi...
tobytarczy Hi Vonasi, Sounds lovely, I race yachts around europe myself. Most regattas cancelled unfor...
mlouys Hello Vonasi thank for your work ! A question how can we do it for minutes ( or 15 min or x ...
Vonasi I think that would be possible but probably in a whole new indicator as detecting when a new...
thierrybl [URL=https://www.casimages.com/i/200515043914185668.jpg.html][IMG]https://nsa40.casimages.co...
Vonasi That should be possible - I'll add it to my list to work on!
thierrybl Thanks a lot
MrMagic Sorry for the late response. I gave up using it. Tried modifying the settings but it still c...
Nicolas If you add it on the price chart (by using the wrench on the left upper side of the price ch...
MrMagic Thanks. On point. :-)
Nicolas Add indicator on price doesnt require any specific type of subcription. Click on the wrench ...
tahiti bonjour j'ai une petite question comment peux on enlevé la bar blanche sur la bougie en cour...
sixeight Hi Kris, is there a way to increase the number of rows? I get a loop error
Kris75 Hi, This is great !! anyone ever developped a strategy about it ???
swapping hello Kris75, not that I know but it is possible to make a scenario ;)
digitation Hi swapping, Thanks for sharing this useful tool. I was wondering how difficult it would be...
Vonasi There is another version of this indicator that can plot the same lines but onto an indicato...
Martin35 Hello Vonasi, do you think it is possible with PRT to code with the same principle as on thi...
abhay I am getting a shading between the lines, how can I avoid that. I just want to see lines as ...
Vonasi Delete the 'Color Zone' in the indicator settings window.
Nicolas
2 years ago
swapping https://www.prorealcode.com/topic/prc_quickfibtl/ Please Hans63 and robdav follow to uppe...
Hans63 Thank you swapping
FREDNC @Nicolas merci pour se remarquable indicateur, reste à voir comment on va pourvoir l'intégre...

Top