Donchian Channel with Fibonacci Zone Indicator for ThinkorSwim

BenTen

BenTen

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Here is the converted version of Fibonacci Zone on TradingView to ThinkorSwim. According to the developer, it was a Donchian Channel but instead of using the median line he added four Fibonacci lines.



How to read the Fibonacci Zone:

  • Blue area is the uptrend zone
  • Grey area is the ranging zone
  • Orange area is the downtrend zone
  • Outside of the mentioned zones is in-betweens

thinkScript Code

Rich (BB code):
# WalkingBallista
# Converted from: https://www.tradingview.com/script/FDTcR7e9-Fibonacci-Zone/

input length = 21;

plot hl = highest(high, length);
plot ll = lowest(low, length);
def range = hl-ll;
plot hf = hl-range*0.236;
plot cfh = hl-range*0.382;
plot cfl = hl-range*0.618;
plot lf = hl-range*0.764;

DefineGlobalColor("Dark_Blue", createColor(0,0,100));
DefineGlobalColor("Dark_Orange", createColor(150,100,0));
DefineGlobalColor("Dark_Gray", Color.Dark_Gray);
AddCloud(cfh,cfl,GlobalColor("Dark_Gray"));
AddCloud(hl,hf, GlobalColor("Dark_Blue"), GlobalColor("Dark_Blue"));
AddCloud(ll, lf, GlobalColor("Dark_Orange"), GlobalColor("Dark_Orange"));

cfh.setDefaultColor(Color.Dark_Gray);
cfh.setLineWeight(2);
cfl.setDefaultColor(Color.Dark_Gray);
cfl.setLineWeight(2);
hl.setDefaultColor(Color.Blue);
hl.setLineWeight(2);
hf.setDefaultColor(Color.Blue);
hf.setLineWeight(2);
ll.setDefaultColor(GlobalColor("Dark_Orange"));
ll.setLineWeight(2);
lf.setdefaultColor(GlobalColor("Dark_Orange"));
lf.setLineWeight(2);

Shareable Link

http://tos.mx/apRWcv

Thanks to WalkingBallista for converting the script.
 
Last edited:

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