This is opening source code version: Fibonacci + Support/Resistant + Trendline (One of Advanced Price action Analysis).
How it works: It find entry Long/Short by combining: Fibonacci + Support/Resistant + Trendline
1. Find Impulse wave: To findind Impulse wave, It uses Pivot High/Low to find Impulse wave. In case find entry Long, If having Pivot High higher Pivot High before, it will draw an Impulse wave.
2. Find entry at Fibonacci levels: Draw Fibonacci fibonacci retracement from Pivot Low to Pivot High. A Fibonacci retracement forecast is created by taking two extreme points on a chart and dividing the vertical distance by important Fibonacci ratios. 0% is considered to be the start of the retracement, while 100% is a complete reversal to the original price before the move. Horizontal lines are drawn in the chart for these price levels to provide support and resistance levels. Common levels are 23.6%, 38.2%, 50%, and 61.8%
3. Find entry at Support/Resistant Zone: Support/Resistant Zone drawed from Pivot High before, which price just breaken and return to retest.
4. Find entry at Trendline: Trendline drawed from Pivot High/Low before, which price just breaken and return to retest.
How do use it: + You can customize the thickness of the lines. + You can set up an alert when the price touchs important areas.
@Harryanttal, such a rubbish comment. I have used this live market. it works perfectly. First read the description given by the author. At least try to respect others efforts.
ukmpits
⋅
@Karthi056, Sir,could you suggest an indicator to perfectly combine with this one? Thank you Sir
Karthi056
⋅
@ukmpits, hi sir. I just combine my two this Indicator with smc indicator by luxalgo which is also free. When the retracement occurs in between the fibonacci of 0.5 and 0.23 And if there is any order block zones in that area. Look for trading opportunity based on the trend. My suggestion is use the same procedure only after checking the trend in higher time frame. If any better results you find during backtest. Let me know. Thank u
Unh00ked
⋅
Very good indicator, people complaining just don't know how to use it. This is not an early signal type indicator, it's a retracement/retest type indicator. Once all lines have appeared, watch PA to retest old levels and bounce.
fs223217
⋅
@Unh00ked, brother can you explain when place a trade please