This new indicator give you the possibility to plot multi timeframes (D, W, M, 3M and 12M ) and Fibo deviations for each one.
is a powerfull indicator which is used by big players to get informations if the price is "overbought" or "oversold". Deviations give the opportunity to have supports and resistances in those "over"-zones.
I searched for better results and found those defaults values :
- Fib 1 level : 0.618
- Fib 2 level : 0.786
- Fib 3 level : 1.000
- Fib 4 level : 1.618
- Fib 5 level : 2.618
In the thumbnail, we can see that the 1.618 deviation level made a great support on the last uptrend for BTCUSDT .
You can change each values but low ones as 0.382 and 0.5 don't give really interesting supports/resistances.
I made this script as clear and simple as possible with only one menu in the parameters.
Some examples of what you can do :
BTCUSDT (Binance) H4 / D, W, M, 3M ,12M without devs
BTCUSDT (Binance) M5 / Daily + Fibo devs
Hope this will be useful for you !
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.