Fibonacci Average Range

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Added: Mar 7, 2024
This indicator is free to use on any of the available platforms
TradingView
TradingView
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NinjaTrader
NinjaTrader
Current Version: 1.0.0.1
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Price Action
Support/Resistance
Overview
The Fibonacci Average Range indicator provides unique insight into key price-action levels within the market that can serve as powerful support and resistance levels.

The Fibonacci Average Range is automatically generated purely from price-action; simplifying the decision-making process because price-action focuses on the most critical factor, price.

Through the use of its Fibonacci retracement levels, traders will be able to more accurately predict future direction and price movement of any given commodity.

The Fibonacci Average Range indicator is a powerful trading tool that provides unique insight into the market that can provide value to a wide variety of trading styles.

The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.


USAGE

At the beginning of each trading day, the script will use relevant price-action information to calculate an expected range for the current trading day, giving traders unique insight into potential levels of support and resistance within the market.

Depending on current market conditions, the script will either generate from the current day’s high or the current day’s low, depending on whether the market shows bullish or bearish strength.

Within the total projected range, several other levels will be identified and labelled. These levels combine the script’s prediction for the day’s range and key Fibonacci Ratios to identify potentially powerful levels of support and resistance within.

Each line also has a label to identify what it represents, and these labels can be turned off in the settings.


SETTINGS

Configuration

• Show Labels: Determines whether labels get drawn.
• Current Day Open: Determines whether a line representing the current day’s open is drawn.
• Display Mode: Determines the number of days the script will load.


Line Settings

• Line Width: Determines the width of lines.
• Line Style; Determines the style of lines.


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