Donchian Fibo Channels
1. Set PRZ level for watching
2. Set period as swing time X 2 (or more)
3. Wait rebound from PRZ or PRZ break (use next if break)
2. Set period as swing time X 2 (or more)
3. Wait rebound from PRZ or PRZ break (use next if break)
// Created by PolarSolar 09 May 2016 // Updated: none study(title="Donchian Fibo Channels", shorttitle="DFC", overlay=true) length = input(20, minval=1) lo = lowest(length) hi = highest(length) range = abs(hi-lo) prz = input(0.618, title="PRZ level",minval=0.236, maxval=0.886, step=0.001) d = close[1]>hi-(range*prz)?1:-1 r236 = d>0?hi-(range*0.236):lo+(range*0.236) r382 = d>0?hi-(range*0.707):lo+(range*0.382) r500 = avg(hi,lo)// basis r618 = d>0?hi-(range*0.618):lo+(range*0.618) r707 = d>0?hi-(range*0.707):lo+(range*0.707) r786 = d>0?hi-(range*0.786):lo+(range*0.786) r886 = d>0?hi-(range*0.886):lo+(range*0.886) plot(lo, color=gray, linewidth=2, title="HIGH") plot(hi, color=gray, linewidth=2, title="LOW") plot(r236, color=#BA55D3, title=".236") // violet plot(r382, color=#4169E1, title=".382") // blue plot(r500, color=#00BFFF, linewidth=2, title=".500") // light blue plot(r618, color=#32CD32, title=".618") // green plot(r707, color=#FFD700, title=".707") // yellow plot(r786, color=#FF8C00, title=".786") // orange plot(r886, color=red, title=".886") // red