Trend Line Fibonacci V2
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Hello,
This V2 version of Trend Line Fibonacci is much better working than the V1.
The idea remains the same
The trend is calculated with the highest is the lowest of the 50 and 61 periods.
The area of intervention corresponds to the retracement of the highest reached on the trend at the level of 23.60% and is half between 50% and 23.60%.
the area of intervention is not used alone, this remains an indicator, but if the area corresponds to a level of fibonacci pivot point, then a rebound is possible
link from V1 : https://www.prorealcode.com/prorealtime-indicators/trend-line-fibonacci/
123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146147148149150151152153154155156157158159160161162163164165166////=/===============/=//=/===============/=//=/ Indicateur Trend Line////=/ Heikin Ashiif barindex>1 thenhaclose=(open+close+low+high)/4haopen=(haopen[1]+haclose[1])/2xHigh = Max(haOpen, haClose)xLow = Min(haOpen, haClose)hahigh = Max(High,xHigh)halow = Min(Low,xLow)endif////=/===============/=//=/===============/=//=/ Zone de Pivot////=/ Pivot 23P23 = (highest[23](hahigh)+lowest[23](halow)) /2//=/ Pivot 38P38 = (highest[38](hahigh)+lowest[38](halow)) /2//=/ Pivot 50P50 = (highest[50](hahigh)+lowest[50](halow)) /2//=/ Pivot 23P61 = (highest[61](hahigh)+lowest[61](halow)) /2//=/ Pivot MajeurPOptimal = (P23+P38+P50+P61)/4////=/===============/=//=/===============/=//=/ Zone Extreme////=/ Extreme Hautif P23 => P38 and P23 => P50 and P23 => P61 thenEHaut = P23//=//elsif P38 => P23 and P38 => P50 and P38 => P61 thenEHaut = P38//=//elsif P50 => P23 and P50 => P38 and P50 => P61 thenEHaut = P50//=//elsif P61 => P23 and P61 => P38 and P61 => P50 thenEHaut = P61endif//=/ Extreme Basif P23 =< P38 and P23 =< P50 and P23 =< P61 thenEBas = P23//=//elsif P38 =< P23 and P38 =< P50 and P38 =< P61 thenEBas = P38//=//elsif P50 =< P23 and P50 =< P38 and P50 =< P61 thenEBas = P50//=//elsif P61 =< P23 and P61 =< P38 and P61 =< P50 thenEBas = P61endif//=/ Point de Tendanceif haclose > EHaut and haclose > EBas thenPT = 1//=//elsif haclose < EHaut and haclose < EBas thenPT = -1endif//=//if PT = 1 thenPTendance = EBas//=//elsif PT = -1 thenPTendance = EHautendif////=/===============/=//=/===============/=//=/ Zone d'Intervention////=/ Decompte HaussierDH = 0//=//if PT = 1 thenDH = DH[1]+1endif//=// 50%if PT = 1 thenZINT = ((highest[DH](high)+POptimal)/2)endif//=/ 38.20if PT = 1 thenZ38 = ZINT - 0.236 * (highest[DH](high)-POptimal)endif//=/ 23.60if PT = 1 thenZ23 = ZINT - 0.132 * (highest[DH](high)-POptimal)endif//=/ Decompte BaissierDB = 0//=//if PT = -1 thenDB = DB[1]+1endif//=// 50 %if PT = -1 thenZINT = (POptimal+lowest[DB](low))/2endif//=/ 38.20if PT = -1 thenZ38 = ZINT + 0.264 * (POptimal-lowest[DB](low))endif//=/ 23.60if PT = -1 thenZ23 = ZINT + 0.132 * (POptimal-lowest[DB](low))endif////=/===============/=//=/===============/=//=/ Coloration des ligne////=/ Ratio de 23if PT = 1 thenR = 0G = 150B = 255T = 100//=//elsif PT = -1 thenR = 102G = 102B = 102T = 100endifreturn PTendance coloured(R,G,B,T) style (line,1) as "Tendance", POptimal coloured(R,G,B,255) style (line,2) as "Optimal", Z38 coloured(R,G,B,T) style (line,1) as "ZT1", Z23 coloured(R,G,B,T) style (line,1) as "ZT2"3 users thanked author for this post.
Maybe not as much, but thank you x)
No the scalping, I leave it to Benoist Rousseau!
I create indicators to be able to do backtests and create possible trading strategies manually for intraday trading.1 user thanked author for this post.
You develop indicators and systems that 90% and more of the profession are not able to do! 🙂 So yes you are at least a bit!
In any case. your work is very interesting, I find that contrary to what I have seen for a few years here, your indicators and maybe system tend to be able to understand a little bit better the “Depth of the market”, which is less common here
I specifically liked your “Trend Line Fibonacci indicator” with a kind of background cloud of bullish and bearish trends protected by a cloud of “trend revival” or trend breakout in progress
For example in Timeframe 8 hours on EUR/USD, it is interesting to see how well prices react to your clouds, and that during a trend, such as the downtrend on EUR/USD, prices tend to announce the breakout of a cloud by scoring higher and higher lows, allowing you to tackle the underlying trend cloud.
This gives a lot of information that many indicators are not able to give. So thank you very much, really appreciated
1 user thanked author for this post.
This indicator is interesting by the values that are incremented, they refer to the fibonacci sequence.
These are values recognised in the stock market world and therefore they are self-realising 😉
For a possible update, if you have suggestions…
1 user thanked author for this post.
The indicators that I provide are only a base
A trader uses technical analysis to make a profit, this method is universal in the markets because it reflects the psychology of the players.
An indicator is only a calculation and therefore, it will not have the same relevance from one market to another, so indeed, it is better to do a backtest work to see at which value the market in question works best for this or that indicator 😉
1 user thanked author for this post.
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