This Fibonacci indicator was inspired by a day trader on Twitter (@pierhk). He traces his fibs "the unconventional way" by connecting the close of the previous day with the close of the first opening bar from the current trading day. He often does it on the 5m timeframe to find resistance and use it as profit target.
A few chart examples:
Before using this indicator, I recommend checking out some educational videos created by @pierhk to help you understand his thought process when tracing the Fibonacci extension 1.272.
thinkScript Code
Code:
# Magic Fibonacci 1.272
# Author: Kory Gill, @korygill
# Gap feature modfied by WalkingBallista
declare upper;
declare Hide_On_Daily;
declare once_per_bar;
def vClose = close;
def nan = Double.NaN;
# logic
def day = GetDay();
def firstBarOfDay = day != day[1];
def dayOpen = if firstBarOfDay then vClose else dayOpen[1];
def prevDayClose = if firstBarOfDay[-1] then vClose else prevDayClose[1];
# Gap feature added by @korygill and modified by @WalkingBallista
# track data necessary to calculate if this is a gapUp or gapDown day
def time = GetDay();
def previousClose = if time != time[1] then close[1] else previousClose[1];
def dayOpen1 = if time != time[1] then open else dayOpen1[1];
def dayLow = if time != time[1] then low else dayLow[1];
def dayHigh = if time != time[1] then high else dayHigh[1];
def gapUp = if dayLow > previousClose then 1 else 0;
def gapDown = if dayHigh < previousClose then 1 else 0;
# fibs
def delta = dayOpen - prevDayClose;
def fib000 = prevDayClose;
def fib1272 = prevDayClose + delta * 1.272;
# colors, see https://usethinkscript.com/threads/rainbow-indicators-%E2%80%93-bb-and-moving-average.294/
def pFib1272 = if firstBarOfDay[-1] then nan else fib1272;
plot fib = if gapUp then pFib1272 else double.NaN;
fib.SetDefaultColor(CreateColor(0,0,255));
plot fibGapDown = if gapDown then pFib1272 else double.NaN;
fibGapDown.SetDefaultColor(CreateColor(0,0,255));Shareable Link
https://tos.mx/ENYa0iCredits:
Attachments
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