Intra-variety Timeframe Floating Fibonacci Levels [Loxx] is an intraday, intraweek, and intramonth indicator to be used for scalping on lower timeframes. The indicator paints the developing fibonacci retracement levels as they change overtime over the selected intra-variety timeframe chosen. This indicator acts as another way to gauge support and resistance levels.
What Are Fibonacci Retracement Levels? Fibonacci retracement levels—stemming from the Fibonacci sequence—are horizontal lines that indicate where support and resistance are likely to occur.
Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used.
The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points.
Suppose the price of a stock rises $10 and then drops $2.36. In that case, it has retraced 23.6%, which is a Fibonacci number. Fibonacci numbers are found throughout nature. Therefore, many traders believe that these numbers also have relevance in financial markets.
Fibonacci retracement levels were named after Italian mathemetician Leonardo Pisano Bigollo, who was famously known as Leonardo Fibonacci. However, Fibonacci did not create the Fibonacci sequence. Fibonacci, instead, introduced these numbers to western Europe after learning about them from Indian merchants. Fibonacci retracement levels were formulated in Ancient India between 450 and 200 BCE.
Details -Change Fibonacci levels -Select day, week, or month timeframe
Информация о релизе
⋅
Updated rules
Информация о релизе
⋅
Quick update for those who get an error message. Here's how you deal with errors. You have to make sure you're on an approved timeframe otherwise the indicator won't work.
Is there any way you could possibly shrink down the label size & add color options? Thanks
EMC2PRoPheT
⋅
Good ranges of trend but the Price on your Intraday Low High is off on the label
JimHalpert
⋅
trying to apply this to chart to play with it, cant figure out how to apply it, just seeing exclamation point next to indicator
loxx
⋅
@JimHalpert, whats up Jim, so you have to use this on lower Time Frames, read the error message and it'll give you the hint on time frame. the red exclamation point that shows up by the indicator name
loxx
⋅
@JimHalpert, Ill post better instructions here shortly as well. see the instructions i just posted. reload the indicator landing page and youll se the update