Fibonacci Bands

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Creates bands based on Fibonacci numbers and the SMA .
Based on indicator by Big Mike on futures . io
How to trade
- Best to use in ranging market conditions
- Place on two different time frames eg. 15 and 55 min.
- Take trades off either short or long term chart.
- Best trades occur when both charts show same trigger/condition.
- Trades are short term reversals in direction of major trend on longer term chart unless you expect a trend reversal.
- Determine which band is the limiting band for the volatility of the instrument.
- When the market closes outside of the limiting band then returns inside, take a long/short one tick above/below the high/low of the previous bar.
- Place stop below/above the low/high of the the recent swing low/high.
- Set targets at opposite band of chart
Скрипт с открытым кодом

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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can we make a strategy from this indicator
Was this script recently updated? I thought it only had 1 band top and bottom, 1 band middle. Now it is showing two sets of top/bottom bands and no middle band...
Thanks for sharing the code! I have some questions on your idea. "Best trades occur when both charts show same trigger/condition." that means when the same lines are in play > for example when the price on 15m and 1h would be between the two bottom lines or do you mean when the overall curve of all bands looks kind of the same on those two timeframe? why did you choose 55min and not 1h btw? is it just a random example - does it work with any timeframe pair which is reasonable wide appart and why did you choose 4.236 and not 3.618 oder 4.618 for the last band - i know its one of the fib numbers from other tools but what was the reason to choose it? ;)
rstraat martinweb
@martinwnweb, the setup is copied from the original indicator, so I have no idea about 55m in stead of 1h. I guess something has to do with internal bar strenght: if close near high of a 1H bar, then there is a well known mean reversion effect for some instruments. But I tend not to overthink this stuff, its just indicator that shows overbought/oversold conditions. And the rationale here is if price between the lowest / highest bands on 2 timeframes there might be a bigger probability of a reversion happining.
hi could you plz explain how to make entry n exit (intraday ). sry i m not getting.
rstraat bhagupta002
@bhagupta002, there is a how to trade comment, so what exactly is unclear to you?
Could you please update it to version 4?
martinweb mfa_supertrader
@mfa_supertrader, its pretty simple to do yourself. just rename //@version=2 to //@version=3 in the pinescript editor and then on the top right besidte "publish" on the 3 dots menu you can press "Convert to v4". Then the editor does it automatically.
I hope big mike is not twitching due to "elite" content getting sipped out in open
rstraat Pratik_4Clover
@Pratik_4Clover, didn't realize it is Elite stuff, just bands nothing special
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