Fibonacci+RSI indicator v1.1
Works best on 15min chart. Performance numbers are really good for indices.( May not work for forex or CFDs).
This script generates the fibonacci bars on the fly based on the length of previous candles(user input available).
(1,0.618,0.5,0.382,0 levels are used).
Buy or sell signals are generated only when:
the price nears specific fibonacci levels
and
if RSI is favorable
and
if moving averages are favorable
Almost all the options are user customizable.
Risk Amount, Contracts, Lots : Order Quantity.
RR Ratio : Risk to Reward Ratio for order limit and stop levels.
Trail Ratio : Trailing value for stops. (Can be turned off with Trail SL option=0)
Risk and Reward points in the underlying are calculated using above options (based on ticker value, please verify this ticker value before considering any generated signal)
RSI High and Low: Used in conjunction with Fib levels and Moving averages (sma used)(To prevent a buy when RSI is overbought and vice versa)
Ignore MA : To ignore moving averages for signal generation.
Fib length : Number of hours to consider. Internally this is multiplied by 4 to generate signals for 15min charts.
ATR % : % of ATR to consider when price is in proximity (For example fibLevel+atr% and fibLevel-atr% are considered when looking for a crossover with price). Set to minimum to ignore this.
Tested on Nifty, Dow , S&P etc. indices.
Please let me know if you have further questions and suggestions. I am learning to script, any help would be really appreciated.
May make the script public once I am happy with the performance.
This script generates the fibonacci bars on the fly based on the length of previous candles(user input available).
(1,0.618,0.5,0.382,0 levels are used).
Buy or sell signals are generated only when:
the price nears specific fibonacci levels
and
if RSI is favorable
and
if moving averages are favorable
Almost all the options are user customizable.
Risk Amount, Contracts, Lots : Order Quantity.
RR Ratio : Risk to Reward Ratio for order limit and stop levels.
Trail Ratio : Trailing value for stops. (Can be turned off with Trail SL option=0)
Risk and Reward points in the underlying are calculated using above options (based on ticker value, please verify this ticker value before considering any generated signal)
RSI High and Low: Used in conjunction with Fib levels and Moving averages (sma used)(To prevent a buy when RSI is overbought and vice versa)
Ignore MA : To ignore moving averages for signal generation.
Fib length : Number of hours to consider. Internally this is multiplied by 4 to generate signals for 15min charts.
ATR % : % of ATR to consider when price is in proximity (For example fibLevel+atr% and fibLevel-atr% are considered when looking for a crossover with price). Set to minimum to ignore this.
Tested on Nifty, Dow , S&P etc. indices.
Please let me know if you have further questions and suggestions. I am learning to script, any help would be really appreciated.
May make the script public once I am happy with the performance.
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