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Fibonacci Trading Indicator - Support and Resistance Lines

by QuantShare, 3423 days ago
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The Fibonacci trading indicator is a technical analysis tool that calculates different Fibonacci retracement levels and then tells you whether there is a resistance or support line near the stock or security price (slightly above or slightly below the close price depending on the sensitivity parameter).
It is almost the same indicator as Fibonacci Trading with the Retracement Levels/Ratios; the difference lies in the returned value. While the return values of the other indicator are always positive and each value represents a Fibonacci ratio, the current Fibonacci trading indicator can return negative values; each value still represents a Fibonacci ratio; however a positive value means that the Fibonacci level is currently acting as a resistance and a negative value tells us that the Fibonacci level is acting as a support.

This Fibonacci Support and Resistance indicator has the same parameters as the Fibonacci Trading with the Retracement Levels/Ratios and the returned values represent:
0: No support or resistance line
1: Stock price is near the 0% retracement ratio
2: Stock price is near the resistance line that corresponds to the 38.2% retracement ratio (3 for the 50% ratio and 4 for the 61.8%)
-2: Stock price is near the support line that corresponds to the 38.2% retracement ratio (-3 for the 50% ratio and -4 for the 61.8%)
5: Stock price is near the 100% retracement ratio

Fibonacci Trading Indicator Example:
rule = Fibonacci_RS(100, 1) > 2;
The above trading rule detects whether the stock price is near a 50%, 61.8% or 100% resistance line.

Fibonacci trading indicator returns positive values when the lowest stock price over a specific period occurs before the highest stock price over the same period (The highest and lowest value that are used to calculate Fibonacci retracement levels). It returns negative values when the highest stock price occurs before the lowest stock price.




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Type: Trading Indicator

Object ID: 598


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