OPEN-SOURCE SCRIPT
FiboDonchian
Donchian channels were developed by Richard Donchian, the father of trend following. The two outer bands are plotted as the highest high and lowest low for a set period of time.
In the FiboDonchian, the channel is divided into 3 zones according to Fibonacci levels:
0-0.382 (Bullish Zone)
0.382-0.618 (Neutral Zone)
0.618-1(Bearish Zone)
These levels will usually act as support and resistance during trends, and will reverse depending on the direction of the trend (e.g. in an uptrend the .382 is above the .5 and during a downtrend it is below).
An option to color candles according to the trend is given, with the following logic:
-During uptrends, candles will turn bullish when a new high is made and will remain in this state as long as price closes in the upper zone. Below this zone price turns neutral until a new high or low is made.
-During downtrends, candles will turn bearish when a new low is made and will remain like this provided that price closes in the lower zone. Above this zone price turns neutral until a new low or high is made.
Enjoy!!
In the FiboDonchian, the channel is divided into 3 zones according to Fibonacci levels:
0-0.382 (Bullish Zone)
0.382-0.618 (Neutral Zone)
0.618-1(Bearish Zone)
These levels will usually act as support and resistance during trends, and will reverse depending on the direction of the trend (e.g. in an uptrend the .382 is above the .5 and during a downtrend it is below).
An option to color candles according to the trend is given, with the following logic:
-During uptrends, candles will turn bullish when a new high is made and will remain in this state as long as price closes in the upper zone. Below this zone price turns neutral until a new high or low is made.
-During downtrends, candles will turn bearish when a new low is made and will remain like this provided that price closes in the lower zone. Above this zone price turns neutral until a new low or high is made.
Enjoy!!
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
@FractalTrade_
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
@FractalTrade_
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.