OPEN-SOURCE SCRIPT
Fib Dragons
Zaktualizowano
Creates bands based on Fibonacci golden ratio numbers and EMA w/ATR
This allows for a faster reaction and significantly less lag than SMA w/ATR
EMA is set to 34 - Recommend range by taste 21, 34, 55, 62
ART is set to 13 - Recommend 13 or 21
Fib Bands are set to 1.618, 2.618, 3.618 however you can set to what works for you. I recommend keeping them at the golden ratios.
Based on indicator by rstraat
How to trade - Same rules apply
- Best to use in ranging market conditions
- Place on two different time frames such as the 15 min. and 60 min for intraday trading
- Take trades off either short or long term chart.
- Best trades occur when both charts show same trigger/condition.
- Trades are short term reversals in direction of major trend on longer term chart unless you expect a trend reversal.
- Determine which band is the limiting band for the volatility of the instrument.
- When the market closes outside of the limiting band then returns inside, take a long/short one tick above/below the high/low of the previous bar.
- Place stop below/above the low/high of the the recent swing low/high.
- Set targets at opposite band of chart
Use any oscillator you favor or see fit with this indicator or any other strategies that work for you.
This allows for a faster reaction and significantly less lag than SMA w/ATR
EMA is set to 34 - Recommend range by taste 21, 34, 55, 62
ART is set to 13 - Recommend 13 or 21
Fib Bands are set to 1.618, 2.618, 3.618 however you can set to what works for you. I recommend keeping them at the golden ratios.
Based on indicator by rstraat
How to trade - Same rules apply
- Best to use in ranging market conditions
- Place on two different time frames such as the 15 min. and 60 min for intraday trading
- Take trades off either short or long term chart.
- Best trades occur when both charts show same trigger/condition.
- Trades are short term reversals in direction of major trend on longer term chart unless you expect a trend reversal.
- Determine which band is the limiting band for the volatility of the instrument.
- When the market closes outside of the limiting band then returns inside, take a long/short one tick above/below the high/low of the previous bar.
- Place stop below/above the low/high of the the recent swing low/high.
- Set targets at opposite band of chart
Use any oscillator you favor or see fit with this indicator or any other strategies that work for you.
Informacje o Wersji
Creates bands based on Fibonacci golden ratio numbers and EMA w/ATRThis allows for a faster reaction and significantly less lag than SMA w/ATR
EMA is set to 34 - Recommend range by taste 21, 34, 55, 62
ART is set to 13 - Recommend 13 or 21
Fib Bands are set to 1.618, 2.618, 3.618 however you can set to what works for you. I recommend keeping them at the golden ratios.
Based on indicator by rstraat
How to trade - Same rules apply
- Best to use in ranging market conditions
- Place on two different time frames such as the 15 min. and 60 min for intraday trading
- Take trades off either short or long term chart.
- Best trades occur when both charts show same trigger/condition.
- Trades are short term reversals in direction of major trend on longer term chart unless you expect a trend reversal.
- Determine which band is the limiting band for the volatility of the instrument.
- When the market closes outside of the limiting band then returns inside, take a long/short one tick above/below the high/low of the previous bar.
- Place stop below/above the low/high of the the recent swing low/high.
- Set targets at opposite band of chart
Use any oscillator you favor or see fit with this indicator or any other strategies that work for you.
Skrypt open-source
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