Fibonacci Support And Resistance
Fibonacci support and resistance levels, integrated into Amibroker through the data feeder, utilize Fibonacci ratios to identify key levels where the price might find support or encounter resistance. Traders depend on these levels for determining potential turning points in the market, aiding in trade management and decision-making.
///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();