Fibonacci Moving Average
Fibonacci extensions on a moving average. Useful for finding potential levels of support and resistance. Look for confluence with horizontal support/resistance and momentum oscillators.
Versionsinformation:
This update allows you to change the fib ratios without editing the code. An FX trader pointed out that while the default ratios work great for crypto currencies, it's useless for traditional currencies especially on lower time frames. By using fib ratios closer to 1 you can get the fib bands closer to the moving average, which works better for trading less volatile markets.
For FX trading using a time frame of 60 minutes or less, try adding a couple zero's to the upper ratios and nine's to the lower ratios. For example, instead of 1.103, 1.236, etc try using 1.00103, 1.00236 for upper bands, and .99103, .99236 etc for the lower bands.
It also helps to use a high moving average (like 3400) to keep the bands as horizontal as possible.
For FX trading using a time frame of 60 minutes or less, try adding a couple zero's to the upper ratios and nine's to the lower ratios. For example, instead of 1.103, 1.236, etc try using 1.00103, 1.00236 for upper bands, and .99103, .99236 etc for the lower bands.
It also helps to use a high moving average (like 3400) to keep the bands as horizontal as possible.