Additionally, I've kept (I guess that's not 'additionally') the fibonacci retracement levels from my other Donchian Channels indicator. These are calculated off the high and the low of the Donchian Channels themselves. You will see that there are only three retracement levels (.786, .705, .382), one of which is not a fib level, but what some people call the 'OTE,' or 'optimal trade entry.'' If you want more info on the OTE just web search it. So, why no .618 or .236? Reason being that the .618 overlaps the .382, and the .236 is extremely close to the .786. This sounds confusing, but the retracement levels I'm using are derived from the high and low, so it was unnecessary to have all five levels from each. I could have just calculated from the high, or just from the low, and used all the levels, but I chose to just calculate three levels from the high and three from the low because that gives a sort of mirror image balance, and that appeals to me, and the utility of the indicator is the same.
The plot lines are all colored, and I've filled certain zones between them. There is a center zone filled between both .382 levels, an upper and lower zon filled between the .786 and either the high or the low, and a zone between the .705 and .785
If you like the colored zones, but don't like the plots because they cause screen compression, turn off the plots under the "style" tab, or much more simply right click on the price scale and click 'scale price chart only.' Voila! No more screen compression due to a moving average or some other annoyance.
Besides that basis being a nice baseline indicator the various fib bands (or just the high and low bands) make for excellent mean reversion extremes in ranging environments.
There are alerts for candle closes across every line.
Below is an image of the indicator at default settings.
Below is an image of the indicator with the center .382 channel turned off.
Below is an image of the indicator with just the .786/.705 channel showing .
Updates specific to the Dynamic Fibo-Donchian Channels are adding the ability for smoothing via an EMA (such as is implemented in my +Donchian Channels).
Snapshot below of it smoothed by a 20 period EMA
User Non-Visible Updates (basically backend stuff that makes:
- changes in code legibility and consistency across all indicators (basically standardizing the coding across as many indicators as possible)
- implementation of libraries into my indicators; which helps significantly in doing what I typed above; which in turn will make creating any new indicators, if they are of the type to use these libraries, much simpler
- updated descriptions for all indicators, which should (it's possible I've forgotten things) reflect changes I've made recently and any I may have made in the past after first publication (this is very minor, but as I was changing so much I thought I may as well--I don't intend to update these much, if at all, in the future)
User Visible Updates:
- as I mentioned everything now uses my moving averages library and volatility bands library--this cuts down the total amount of code significantly, and has made it easier for me to add moving averages, or volatility bands to these indicators because I only had to/have to add it one time (to the library) rather than multiple times across all indicators*
- since creating these libraries I've added several new moving averages (Kaufman Adaptive, Laguerre Filter, McGinley Dynamic (doesn't work for all), and Zero-lag) to them while retaining all the previous with the exception of the UMA, which wasn't implemented consistently across all indicators anyway
- eliminated having two Bollinger Bands with different standard deviations and a fill between them in exchange for one with the band fill implementation that I use on my Donchian Channels Bands
- part of my code consistency across all indicators resulted in a much needed organization of the 'style' tab
*(affects all but the Wavetrend Oscillator, Wavetrend Oscillator Overlay, Jurik KDJ, Average Candle Bodies Range, Bollinger Bands Width, ALMA Trend Detector, Ultimate Moving Average, Donchian Channels, and Dynamic Donchian Channels)
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