Fibonacci Forecast Indicator

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This indicator projects potential price movements into the future based on user-defined Fibonacci-period moving averages. By default, it calculates Simple Moving Averages (SMAs) for the 3, 5, 8, 13, and 21 bars (though you can customize these values). For each SMA, it measures the distance between the current closing price and that SMA, then extends the price forward by the same distance.

Key Features

1. Fibonacci MAs:
- Uses Fibonacci numbers (3, 5, 8, 13, 21) for SMA calculations by default.
- Fully customizable periods to fit different trading styles.

2. Forecast Projection:
- If the current price is above a given SMA, the forecast line extends higher (bullish bias).
- If the current price is below the SMA, the forecast line extends lower (bearish bias).
- Forecast lines are anchored at the current bar and project forward according to the same Fibonacci intervals.

3. Clean Visualization:
- Draws a series of connected line segments from the current bar’s close to each forecast point.
- This approach offers a clear, at-a-glance visual of potential future price paths.

How to Use

1. Add to Chart:
- Simply apply the indicator to any chart and timeframe.
- Adjust the Fibonacci periods and styling under the indicator settings.

2. Interpretation:
- Each forecast line shows where price could potentially head if the current momentum (distance from the SMA) continues.
- When multiple lines are consistently above (or below) the current price, it may reinforce a bullish (or bearish) outlook.

3. Customization:
- You can modify the number of forecast lines, their color, and line width in the inputs.
- Change or add your own Fibonacci periods to experiment with different intervals.

Notes and Best Practices

- Confirmation Tool: This indicator is best used alongside other forms of technical or fundamental analysis. It provides a “what-if” scenario based on current momentum, not a guaranteed prediction.
- Not Financial Advice: Past performance doesn’t guarantee future results. Always practice proper risk management and consider multiple indicators or market factors before making trading decisions.

Give it a try, and see if these Fibonacci-based projections help visualize where price may be headed in your trading strategy!

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