if its ok can anyone help me to understand how to use this one..those price levels are there yes but how to determine to buy or sell or breakout or continuation or trends..well everything...or am i missing something..this script has more than 12 k thus must be good and its sucks not to know such popular and helpful script..hence if anyone has a lil bit time..even for few things ..i wud appreciate it.thank you..
raymond_red_reddington
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@walkwalk, hi. It doesn't try to tell you when. It is focused on where only.
raymond_red_reddington
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Thanks for the likes people. I'm glad you like it. Even better if it makes you money.
skjha210895
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Do you have a telegram group
SumetraCapital
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This code is used to determine Fibonacci levels for a given security. Fibonacci levels are a set of horizontal lines that indicate areas of support or resistance at the key Fibonacci levels before the price continues in the original direction. The code first sets the input values for the 50-day moving average and the 100-day moving average. It then calculates the effective close price, which is the maximum of the open and close prices if the close price is greater than or equal to the open price, and the minimum of the open and close prices otherwise. Next, the code calculates the midline, which is the exponential moving average of the effective close price over the specified period. It also calculates the standard deviation of the effective close price over the same period. The code then calculates the deviation multiplier for the upper and lower Fibonacci levels. If the top of the candle is above the midline, the deviation multiplier for the upper Fibonacci level is calculated as the difference between the top of the candle and the midline divided by the standard deviation. If the bottom of the candle is below the midline, the deviation multiplier for the lower Fibonacci level is calculated as the difference between the midline and the bottom of the candle divided by the standard deviation. The code then calculates the maximum deviation multiplier and the exponential moving average of the maximum deviation multiplier over the specified period. It uses this value to calculate the six Fibonacci levels above and below the midline, with the second, third, fourth, fifth, and sixth levels being multiples of the first level. Finally, the code plots the 12 Fibonacci levels on the chart, with the six upper levels in black and the six lower levels in black. The transparency of the lines is set to 25% to make them less obtrusive on the chart.
Sebrox
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I like the indicator on your chart that says go or not 50 100. Is that an indicator I can find somewhere? Thanks!