This script will allow to automatically draw levels on the chart for a potential pullback play like shown in this snapshot here
It will draw risk/reward levels upon your favorite ema (default is 13ema) as the price goes and it will work for both long or short scenarios for a potential trend continuation play.
You got the option to align your level to match exactly your selected ema or to be placed in between the first two levels (default settings) if you prefer.
I personally use this one settings for shorter time frames (up to 3min) and the aligned one for higher time frames.
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Added a functionality to help defining the proper size in order to risk the amount defined by the trader (default is $100 but feel free to redefine it with your risk tolerance). The idea is that, if you have the size suggested by the indicator, you should be risking the amount defined in the indicator settings in case of building the position at the proposed fibo levels and stopping at the zero level.
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Fixed a bug that would display the size as a negative number in certain scenarios
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Some improvements have been made on this release (many thanks to Micheal B for his support on this release!): - Moved levels and prices to the right side of the current candle - Added information about the "per order" size (next to full order size) to match the wanted risk - Modified some colors to be more visible
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With this updated version, the user can choose for the levels to be updating tick by tick (like it was before) or updating only at the open of a new candle (that is now the default behavior). The levels would keep updating anyway in case of a new pivot high/low like it was in the previous version.
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Added the "buying power" option so that the user can set up the max amount of capital required for the trade in addition to the max risk tolerance (this was the only one option in the past version). The lowest of the two will be displayed in the indicator suggested size text.
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Introduced the possibility to visualize the fibs level on a 10mins timeframe even when watching it on a different time frame (e.g. 1min - 3min - 5min).
Moreover, the suggested sizing based on risk amount set by the user is now rounded to the closet dozen or hundred to make it more intuitive to plan for a trade.
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Fixed bug that wasn't displaying the levels against VWAP anymore (using zero "0" as the reference ema period in the settings)
Grazie roberto per le tue risorse sempre preziose!
santhuec1216
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Hello, please let me know the deviation and depth values for higher time frames?
nobodyxxx
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great work! however not able to change the line colors is the only small problem:) thanks for your work...
UnknownUnicorn25751676
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Thanks Roberto!
Gray_Trade
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Is there a tutorial on how to use this properly?
rocket73llc
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Roberto! Armen here. Thanks so much for this indicator it has completely changed my trading.
drvaithy90
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Thanks a lot Roberto for this indicator. Learning a lot from your warrior sessions and daily member chat as well.
johnstyp1
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Roberto...
awesome! thank you so much for all you do for our community. Stay safe!
KurtWarrior
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Thanks Roberto, Im am slowly working through all you Warrior mentor sessions. I appreciate all your time and efforts you put into helping all fellow Warriors. Thanks again.
msams514
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You’re awesome Roberto! I am learning from you in warrior and am so thankful:) I have TradeStation is it possible to use your freedom fib there?