Combining Fibonacci Retracements
Traders can use AFL code in Amibroker to combine multiple Fibonacci retracement levels on their charts. This approach aids in identifying significant support and resistance levels, enhancing technical analysis. Amibroker data is crucial for accurate Fibonacci retracement calculations and enables traders to make more informed trading decisions.
_SECTION_BEGIN("Combining Fibonacci Retracements and the RSI");
barvisible = Status("barvisible");
r = RSI( 14 );
maxr = LastValue( Highest( IIf( barvisible, r, 0 ) ) );
minr = LastValue( Lowest( IIf( barvisible, r, 100 ) ) );
ranr = maxr - minr;
Plot( r, "RSI(14)", colorRed );
Plot( maxr , "0%", colorGrey50 );
Plot( maxr - 0.236 * ranr, "-23.6%", colorPaleGreen );
Plot( maxr - 0.382 * ranr, "-38.2%", colorPaleBlue );
Plot( maxr - 0.50 * ranr, "-50.0%", colorOrange );
Plot( maxr - 0.618 * ranr, "-61.8%", colorPaleBlue );
Plot( minr , "-100%", colorGrey50 );
GraphXSpace = 3;
_SECTION_END();