Fibonacci Bands

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Creates bands based on Fibonacci numbers and the SMA .
Based on indicator by Big Mike on futures . io
How to trade
- Best to use in ranging market conditions
- Place on two different time frames eg. 15 and 55 min.
- Take trades off either short or long term chart.
- Best trades occur when both charts show same trigger/condition.
- Trades are short term reversals in direction of major trend on longer term chart unless you expect a trend reversal.
- Determine which band is the limiting band for the volatility of the instrument.
- When the market closes outside of the limiting band then returns inside, take a long/short one tick above/below the high/low of the previous bar.
- Place stop below/above the low/high of the the recent swing low/high.
- Set targets at opposite band of chart
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Could you please update it to version 4?
I hope big mike is not twitching due to "elite" content getting sipped out in open
rstraat Pratik_4Clover
@Pratik_4Clover, didn't realize it is Elite stuff, just bands nothing special
@rstraat, Just kidding, I don't know either. Even if it was, its not a big deal. Thanks for coding this, its useful so thank you :)
can u give me full coding of this indicator....this indicator is fire i love it.... mail-
rstraat swatimang03
@swatimang03, thx for the compliments, but its just an other variation of a basic arbitrage/mean reversion indicator. Others are Zscore, Bollinger Bands, all will be working ok for the right instruments, pairs, just matter of taste. The source is just available for everyone, just have to click the {} sign when hovering over the strategy on the chart.
+1 Svara
@rstraat, this is only one indicator u use or other with this indicator
rstraat swatimang03
@swatimang03, yeah I like it simple: just sell high and buy low...
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