Using the B3HHLL algorithm, this indicator locates up to four sets of 5 Fibonacci Retracements + 2 Fibonacci Extensions. As in many scripts related to this algorithm, the UI contains alerts and a wide array of colorization choices. One instance of the study plots two sets, and a duplicate instance of the study yields all four sets in one chart.
The input structure for the algorithm is very simple. One input called “Sensitivity” controls the algorithm. The more sensitive the input (0-100), the tighter retracement pattern found. Most charts can be left at the default 50 and work incredibly well at locating Fibonacci percentage structures. Percent % structures are entirely editable by the user, and the most commonly used retracement and extension values are set as default. The study is useful to ANYONE using Fibonacci in some way, not just retracement traders. Because of the HHLL’s (highest highs, lowest lows) used in finding the retracements, the results coincide with most wave, harmonic, ABCDE or AB=CD setups.
Why is this algorithm and script a great tool?
- It works on ANY symbol – This indicator works on any chart that makes highs and lows thru time
- It works on ANY timeframe or bar resolution
- It works on ANY bar or candle type
- It works dynamically to analyze chart behavior, draws SOLID conclusions about the validity of the retracements it draws and ONLY PAINTS VALID LINES
- Lines that were once valid, but now breached, have their own set of customizable effects; note that by default labels are set to erase for cleaner charts
- Extremely useful in conjunction with trend indicators
- A must have for triangulation or ABCDE traders that also use Fibonacci % levels
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ACCESS ALLOWS CHART USAGE VIA FAVORITES LIST ~ Code is protected and not accessible
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