The natural risk to rewards span high and low...for example...you can go from the S3 --> R3 and that R:R is with a stop loss of the S4 is 7.4
But making all of those possibilities in code is excessive and for simplicity sake I price can only be between two areas at any point in time.
So this auto risk to reward is limited to the 2:1 opportunities. If you by chance do the math for all of the possibilities as I have then it would be easy to change the Take Profit levels.
I use the in this indicator but I include the mid levels and further extensions totaling 20 levels, 21 including the .
Here they are...the generic plots are bolded...the additional levels are the other fib levels
R7 - 200%
R6 - 162%
R5 - 141%
R4 - 127%
R3 - 100%
R-C - 76%
R2 - 62%
R-B - 50%
R1 - 38%
R-A - 24%
S-A - (24%)
S1 - (38%)
S-B - (50%)
S2 - (62%)
S-C - (76%)
S3 - (100%)
S4 - (127%)
S5 - (141%)
S6 - (162%)
S7 - (200%)
The indicator give you the setups for uptrends and downtrends based on the moving averages (ex. (hlc3, 34)) from a higher timeframe which you will be free to change yourself in the inputs.
For my setup, I trade from the using the 10m or 5m chart so my next level up is the which I view using the 1H chart candles.
In the next iterations I will add the ability to change the MA lengths.
Moving average lengths
Weekly lengths - fast 34 : slow 55
Monthly lengths - fast 13 : slow 34
Yearly lengths - fast 13 : slow 34
Rules for Uptrends
Fast MA > Slow MA
Session high < r6
Rules for Downtrends
Fast MA < Slow MA
Session high > s6
Timeframes applicable are only those who have a higher set above it
Monthly_SR = 240m, 300m, D
Weekly_SR = 26m, 30m, 60m
Daily_SR = 1m, 3m , 5m, 10m, 15m
Your take profit line will always populate where your risk will be 2:1
Your stop loss will always be one level underneath or above your entry
Feel free to ask any questions. Trade well my friends!
Fixed the repainting issue
Added labels on the other side of the pivot to label which pivot is showing for the TP, Entry and SL, respectively.
Cleared out unused code
Corrected trend identification
Corrected bull sentiment syntax for TF using the monthly period
reduced use of the security function to increase compile time
Color inputs added
Drastically reduced compile time
Removed small bug where old lines would show