Fib Retracement Bands - Sierra (FibSierra)

Hello Traders!

FibSierra is a moving fibonacci retracement band indicator. Its levels give you key resistance or support zones. I have written four indicators like this in total, will get to share others with you in the future. FibSierra is the oldest sister and currently the most fine tuned one. Let me know if I should share the others as well!

-x-x-x- Here's how it works: -x-x-x-
- The user first provides a length value (365 as default). This value will give the range of bars the indicator seeks the lowest and highest value, for example, last 365 bars.
- The indicator then finds the highest and lowest value in that range, and draws the fib retracement.

Example down below:


-x-x-x- Optimizing for Log Charts -x-x-x-
The indicator also gives you the ability to select what type of fib retracement you would want. By default, the indicator plots normal fib retracements (per linear scale). However, the user can check the "Optimize for Log Scale" box in order to get the retracement per logarithmic scale. I would argue that linear scale works a bit better, but it is up to your taste.




-x-x-x- Going to Different Timeframes -x-x-x-
The suggested TF to use is 1D, however interesting patterns emerge in different ones. The rule of the thumb is that with higher TimeFrames, we will find more stronger support/resistance fib levels. Going too low will cause more weak levels that are prone for false signals.


You can ask me any and all questions, and I would love to elaborate further.

Happy Trading Folks!!