Basically: F - Fibonacci levels F - fractals: retracement of retracement A - absolute: based on two fixed points instead user chosen Fibonacci points A - auto: automatically draws based on volatility
Explanation: This script will automatically trace TWO Fibonacci levels from these points: - ALL TIME HIGH (ATH) and ALL TIME LOW ( ATL ) prices
This is our first Fibonacci FRACTAL retracement and the line caption will show ONE character: "↥" for 0.618 "↧" for 0.382
The FRACTAL with two lines will define THREE regions. The second Fibonacci FRACTAL retracement will show TWO characters: the same "↥" "↧" characters with: "a" if the price is between TOP region of previous fractal "b" if the price is between MIDDLE region of previous fractal "c" if the price is between BOTTOM region of previous fractal
The third Fibonacci FRACTAL will show THREE characters and so on.
Delimited by volatility (otherwise this script will go to 10th fractal maximum).
OPTIONS to give a try: - use ALL TIME HIGH and ZERO prices (instead ATH and ATL ) - use a non-Fibonacci retracement: ---> "⅓": 1/3 and 2/3 levels instead 0.618 and 0.382 (based on chess master Hindenburg Melão article hint) ---> "fibonaccing": 0.764 and 0.236 levels (based on Brazilian trader Marco Antonio Rossi method hint)
#script under development, sugestions and questions are welcome.
Notas de prensa
⋅
- suddently, the "2/3" does not work anymore, had to change it to " float(2)/3 " (code line 8)
Hi. I would like to have a fibo based algo for myself. Would be based on the 23.6 and 76.4 levels with bracket orders, conditions high volatility and reversals. Interested?