This script automatically plots support and resistance lines using the fib numbers as the amount of candles to lookback. Each line is colored differently to easily identify the support/resistance pair (i.e. 23%, 38%, 61%, etc..) with the 50% (Green) and 78% (Red) a thicker line. All variables are editable. Added alert capability.
@polufson12, The settings are programmed in. You can change them if you want. They are set to fib numbers.
PranaySoni
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can any one have a script for scanner . if list of script tuch support or resistans in 5min or 15min chart ?
ashaysathye1996
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does the percentage show how much powerful the support or resistance is ?
NorthStarDayTrading
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@ashaysathye1996, There are any different ways to use Fibs in trading. This indicator is just plotting levels according to the number of candles back, using the Fib sequence.
tradrdude
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Dude. I’ve been looking for something like this. Definitely taking this for a spin! Thanks for the idea and work behind this!
NorthStarDayTrading
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@tradrdude, Great! Note that this does not auto draw fibs. It uses the fib number sequence and draws support/resistance accordingly.