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Auto Fib Speed Resistance Fans by DGT

Fibonacci Speed and Resistance Fan is an analytical drawing tool used to indicate the support and resistance levels of an existing trend and the price level at which possible changes in the trend may occur.

A Fibonacci Speed Resistance Fan consists of a trend line drawn between two extreme points - a trough and opposing peak or a peak and opposing trough - on which a set of sequential speed resistance lines are drawn above (which represents time) and below (which represents price). These lines are drawn based on time/price percentages of the distance between the beginning and the end of the trend line .

Speed resistance lines not only help to measure trend corrections but also measure the speed of a trend (the rate at which a trendline ascends or descends)

Traders can use the lines of the Fibonacci Speed and Resistance Fan to predict key points of resistance or support, at which they might expect price trends to reverse. Once a trader identifies patterns within a chart, they can use those patterns to predict future price movements and future levels of support and resistance . Traders use the predictions to time their trades. Key support and resistance levels tend to occur frequently at the 61.8-percent level on both uptrends and downtrends.
Please check for further details in the education post that I will share shortly after this publication :
Nobody appears to know whether Fibonacci tools work because markets exhibit some form of natural pattern or because many investors use Fibonacci ratios to predict price movements, making them a self-fulfilling prophecy.

█ Study OPTIONS

Auto Fibonacci Speed and Resistance Fan, the main aim of the study

    - Pivot threshold can be adjusted via “Deviation” and “Depth” input options
‏    - Historical Fans option will allow plotting of Speed and Resistance Fans on previous pivot high/lows
    - Ability to set ALERTs for the Speed and Resistance Levels
    - Price Grid Lines if extended it will result with Fib Retracement levels
    - All lines, line levels are customizable, default values are set exactly to the same with the available Fib Speed and Resistance Fan drawing tool

Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.

Example Usages :






Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely

The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
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Bình luận

And another great tool for the community ;)
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dgtrd LonesomeTheBlue
@LonesomeTheBlue, such a great honour to receive appreciation from a Pine Wizard 🙏
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Great work !
100 xu
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dgtrd TedPham
Thank You @TedPham, I am so glad you like it :)
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Great tool as always! Thanks for sharing!
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dgtrd tbiktag
Thank You very much @tbiktag, so nice to hear good comments from a coder with outstanding studies
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Amazing coding! thank you so much!
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dgtrd Ether2020
Thank You @Ether2020, i am glad you like it :)
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Just learned gifting, so I am going to double down lol Thank you for being so cool
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dgtrd Charlie8G
@Charlie8G, :) Thank You 🙏 I am glad you like them
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