Fibonacci Bollinger Bands
These Bollinger bands feature Fibonacci retracements to very clearly show areas of support and resistance. The basis is calculate off of the Volume Weighted Moving Average. The Bands are 3 standard deviations away from the mean. 99.73% of observations should be in this range.
study(shorttitle="FBB", title="Fibonacci Bollinger Bands", overlay=true) length = input(200, minval=1) src = input(hlc3, title="Source") mult = input(3.0, minval=0.001, maxval=50) basis = vwma(src, length) dev = mult * stdev(src, length) upper_1= basis + (0.236*dev) upper_2= basis + (0.382*dev) upper_3= basis + (0.5*dev) upper_4= basis + (0.618*dev) upper_5= basis + (0.764*dev) upper_6= basis + (1*dev) lower_1= basis - (0.236*dev) lower_2= basis - (0.382*dev) lower_3= basis - (0.5*dev) lower_4= basis - (0.618*dev) lower_5= basis - (0.764*dev) lower_6= basis - (1*dev) plot(basis, color=fuchsia, linewidth=2) p1 = plot(upper_1, color=white, linewidth=1, title="0.236") p2 = plot(upper_2, color=white, linewidth=1, title="0.382") p3 = plot(upper_3, color=white, linewidth=1, title="0.5") p4 = plot(upper_4, color=white, linewidth=1, title="0.618") p5 = plot(upper_5, color=white, linewidth=1, title="0.764") p6 = plot(upper_6, color=red, linewidth=2, title="1") p13 = plot(lower_1, color=white, linewidth=1, title="0.236") p14 = plot(lower_2, color=white, linewidth=1, title="0.382") p15 = plot(lower_3, color=white, linewidth=1, title="0.5") p16 = plot(lower_4, color=white, linewidth=1, title="0.618") p17 = plot(lower_5, color=white, linewidth=1, title="0.764") p18 = plot(lower_6, color=green, linewidth=2, title="1")