Fibonacci SR Indicator
Fibonacci SR Indicator
The indicator draws lines of support and resistance. The product is based on the level correction and Fibonacci extension (Fibonacci Retracement and Extension levels). The indicator allows for multiple combinations of Fibonacci and draws lines / R. In the calculations are used the values of the vertices and bases constructed indicator ZigZag. If necessary, ZigZag can also be displayed on the graph.
The indicator allows for numerous combinations of the preceding pivot points and Fibonacci ratio. Upon detection of a significant number of lines crossing one value of the price indicator by holding the value line of support / resistance. Market reversal often occurs on such lines. The indicator works automatically. The old line deleted, while new ones are added as the situation on the market.
- Bars_Back – resulted in a certain number of bars (back bars), used in the calculations. The lower the value, the smaller the turning points will be used and, accordingly, less resistance and support lines will be displayed on the graph. The higher the value, the greater the pivot points and support and resistance lines.
- Buffer_Space – the maximum number of points between each calculated Fibonacci level necessary to cross. The higher the value, the lower accuracy level crossing. The lower the value, the better the accuracy and reliability of the level crossing. Assume the parameter value is set at 10 points, and the light operates on account broker providing price data indivisible with four signs after the point. The indicator shows the Fibonacci correction level 3 on the values of 1.4995, 1.5000 and 1.5005. The difference in this case is 10 pips. Thus, these levels may be used. Assume that the buffer value is set only to 5. In this case, the data layer 3 can not be used, since the max. difference is set at 10. The indicator will continue to look for other combinations.
- Count_of_Lines – the number of lines used to form the final line / R. The higher the value, the more reliable the drawn lines and vice versa.
The rest of the settings are self-explanatory.
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