Fibonacci Retracement And Goals
Fibonacci Retracement and Goals AFL in Amibroker utilize Fibonacci levels to set potential price targets. With Amibroker data feed, this indicator assists traders in establishing profit targets based on key Fibonacci retracement levels. By aligning trading goals with these levels, it helps traders optimize their risk-reward ratios for more effective trade management.
/_SECTION_BEGIN("AA - Fibonacci Retracements and Goals");
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// **************** Parameters ********************
//
Period = Param("Period", 1, 1, 50);
ShowExt = ParamToggle("Show Extension ?", "No|Yes");
///////////////////////////////////////////////////
// **************** Calculations *****************
//
Period = Period*(13*.618);
Hhb = LastValue(Ref(HHVBars(H, Period), -1))+1;
Llb = LastValue(Ref(LLVBars(L, Period), -1))+1;
Hv = LastValue(Ref(HHV(H, Period), -1));
Lv = LastValue(Ref(LLV(L, Period), -1));
Range = (Hv - Lv);
LText = "0 %, 21.4 %, 38.2 %, 50 %, 61.8 %, 78.6 %, 100 %, 1.618 %, 1.72 %, 200 %";
if(Hhb > Llb)
{
Levels[0] = Lv;
Levels[1]= (Range *.214)+Levels[0];
Levels[2]= (Range *.382)+Levels[0];
Levels[3]= (Range *.5)+Levels[0];
Levels[4]= (Range *.618)+Levels[0];
Levels[5]= (Range *.786)+Levels[0];
Levels[6]= Hv;
Levels[7]= (Range *.618)+Levels[6];
Levels[8]= (Range *.72)+Levels[6];
Levels[9]= (Range )+Levels[6];
x0 = BarCount - 1 - Llb;
x1 = BarCount - 1 - Hhb;
}
else
{
Levels[0]= Hv;
Levels[1]= Levels[0]- (Range *.214);
Levels[2]= Levels[0]- (Range *.382);
Levels[3]= Levels[0]- (Range *.5);
Levels[4]= Levels[0]- (Range *.618);
Levels[5]= Levels[0]- (Range *.786);
Levels[6]= Lv;
Levels[7]= Levels[6]- (Range *.618);
Levels[8]= Levels[6]- (Range *.72);
Levels[9]= Levels[6]- (Range );
x0 = BarCount - 1 - Hhb;
x1 = BarCount - 1 - Llb;
}
//////////////////////////////////////////////////////////////////////////////////////
/// **************************** Plotting Area ********************************
//
Plot(C, "", IIf(MACD(9,34) > Ref(MACD(9,34),-1), colorBrightGreen, colorRed), ParamStyle("Price Style", styleBar, maskPrice));
for(i=0; i<10; i++)
{
if(i!=6)
x = x0;
else
x = x1;
if(i<7 OR ShowExt)
{
Plot(LineArray(x, Levels[i], BarCount, Levels[i]), "", i+2, styleDots);
PlotText(StrExtract(LText, i), BarCount, Levels[i], i+2);
}
}
//Title = FullName()+" - "+Name()+"\nO:"+O+", H:"+H+", L:"+L+", C:"+C;
_SECTION_END();