Fibonacci Support and Resistance
Fibonacci Support and Resistance AFL in Amibroker highlight key support and resistance levels using Fibonacci ratios. Utilizing Amibroker data feed, this indicator identifies crucial price levels where trends might reverse or consolidate. Traders leverage these levels to fine-tune their strategies, improving trade entries, and managing risk more effectively.
///Weekly Price Range Calculation
Mc1 = BarsSince(DayOfWeek()==1);
Fc1 = BarsSince(DayOfWeek()==5);
Fc2 = Ref(BarsSince(DayOfWeek()==5),-1)-1;
WRC = IIf(Mc1==0 AND Fc1>2,Ref(HHV(H,LastValue(mc1)),-1)-Ref(LLV(L,LastValue(Mc1)),-1),IIf(Fc1=0 AND Mc1>5,HHV(H,LastValue(Fc2))-LLV(L,LastValue(Fc2)),IIf(Fc1==0,HHV(H,LastValue(Mc1))-LLV(L,LastValue(Mc1)),0)));
WRP = ValueWhen(WRC>0,WRC,1);
//Balance Point
dt = DayOfWeek();
DBC =(HighestSince(DayOfWeek()==dt,H,5)+
LowestSince(DayOfWeek()==dt,L,5)+Close)/3;
//Resistance Range
RR1 = dbc +(WRP*0.5);
RR2 = dbc +(WRP*0.618);
//Support Range
SR1 = dbc -(WRP*0.5);
SR2 = dbc -(WRP*0.618);
Plot(RR1, "", colorLime);
Plot(RR2, "", colorLime, styleDashed);
Plot(SR1, "", colorRed);
Plot(SR2,"", colorRed, styleDashed);
GraphXSpace = 5;
_SECTION_BEGIN( "Price" );
SetChartOptions( 0, chartShowDates | chartShowArrows | chartLogarithmic | chartWrapTitle );
_N( Title = StrFormat( "{{NAME}} - " + SectorID( 1 ) + " - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) Vol " + WriteVal( V, 1.0 ) + " {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ) );
Plot( C, "Close", colorRose, styleCandle | styleNoTitle | ParamStyle( "Style" ) | GetPriceStyle() );
if ( ParamToggle( "Tooltip shows", "All Values|Only Prices" ) )
{
ToolTip = StrFormat( "Open: %g\nHigh: %g\nLow: %g\nClose: %g (%.1f%%)\nVolume: " + NumToStr( V, 1 ), O, H, L, C, SelectedValue( ROC( C, 1 ) ) );
}
_SECTION_END();