The following indicator returns multiple diagonal lines forming a grid. Each line has 45-degree and is set depending on Fibonacci ratios as well as the maximum and minimum price value over a certain lookback period. These can be used as potential support and resistance.
Users also have the option to set equidistant lines instead of having them determined by Fibonacci ratios.
Settings
Length: Lookback period for determining the maximum/minimum price value used for constructing the grid.
Resolution: Grid resolution, higher values will return more lines (only available when the "Use Fibonacci Ratios" is disabled)
Use Fibonacci Ratios: Set the lines based on Fibonacci Ratios, 6 ratios are used.
Usage
Each individual diagonal line can be used as support/resistance. Two Diagonal lines form channels where the price might evolve until a breakout.
The underlying logic of this grid determined by Fibonacci ratios is that price variations farther away from the main diagonals (in orange) would tend to move inside tighter channels.
Diagonals set using Fibonacci Ratios will form tighter channels when away from the center of the Lookback area. While equidistant lines will keep the same distance between each line.
Notes de version
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Minor changes.
Notes de version
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Users can select anchor points for the indicator to display a Fibonacci Grid.
The indicator is no longer based on recent data which prevents back-painting.
Notes de version
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Diagonals now only extend to the right side of chart.
another creative way to visualize market structure -- always stretching my "perspective" -- and that is invaluable in itself. thanks for all the work, both premium and public!
Gracias por compartir su trabajo con la comunidad, sus indicadores han sido de gran importancia en mi operativa de trading.
Kirandeepc
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One More Creative Insight to Study Structure
sage216
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Please add similar automatic GANN GRID. TV has Grid background; however, user unable to set Grid size (4x4). Motive Wave allows user to set size; however, not accurate.
TranceaddicT66
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I love some of your indicators to death; ZigZag Channels is an absolute MUST on my charts.
I'd like to offer an idea for consideration regarding the utility of this particular indicator: allow the user to define the area (start and stop, not just start) used for calculation.
Here, you simply set a period calculation from present back a given number of units. I would like to see this allow for a selection range for analysis. Something similar to the manner a pitchfork's last two data points (that define the bolster/back) are what define the outer-bounds of the medians.
Regarless, THANK YOU. You are a skill programmer and create wonderful work.