OPEN-SOURCE SCRIPT
[sphx] FWMA
I've developed a cool indicator. The indicator calculates a Fibonacci-weighted moving average (FWMA) based on a specific length. What sets it apart is that it assists me in identifying potential trend reversals. When the indicator's color changes - from red to light red or from green to light green - it's an indication that the trend might be shifting.
What makes the indicator even more interesting: While I'm keeping an eye on these color changes, I'm also observing the price behavior. I check whether the price is in a consolidation phase during the color transition. This not only helps me detect potential trend changes but also to see whether the market is in a phase of price consolidation. The combination of this information aids me in making well-informed trading decisions.
I find the indicator so useful that I've decided to make it available to the community. You can use the code and adapt it to your own trading strategies. I hope it's as helpful to you as it has been to me. Wishing all of you successful trades and the best outcomes! Let's understand the market together and trade successfully.
What makes the indicator even more interesting: While I'm keeping an eye on these color changes, I'm also observing the price behavior. I check whether the price is in a consolidation phase during the color transition. This not only helps me detect potential trend changes but also to see whether the market is in a phase of price consolidation. The combination of this information aids me in making well-informed trading decisions.
I find the indicator so useful that I've decided to make it available to the community. You can use the code and adapt it to your own trading strategies. I hope it's as helpful to you as it has been to me. Wishing all of you successful trades and the best outcomes! Let's understand the market together and trade successfully.
Script open-source
Dans le plus pur esprit TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
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