█ Support & Resistance Trendlines with Pivot Points + Fibonacci Channel
This script automatically draw support and resistance trend lines based on pivot points and add a fibonacci channel.
It will show potential patterns with the help of support and resistance lines as well as breakout target and pullback entry with the fibonacci extension and retracement levels.
It is based on atolelole's script, I only made it more configurable so please check out his script. I added the possibility to change values and add additional retracement and extension levels. I also made it customizable with the possibility to change lines color, width and style. tradingview.com/script/oCkT2YJd-Pivot-Points-Channel-Fib-Support-Resistances/
Fantastic work..please a detailed instruction on how to use the script properly would be appreciated. Thanks
Yatagarasu_
⋅
@harryorr, Hello, I would use it like this. Adjust the settings to what you think is best, length and lookback depending on the timeframe. Then look for patterns and use the fib. extension as a target. Use it alongside other indicators.
harryorr
⋅
@Yatagarasu_, thanks for your reply.. been playing with the settings and i think the default settings works great
harryorr
⋅
@Yatagarasu_, i noticed the lower trendline is not static it moves after some time.. is it meant to work that way or am i missing something?
Yatagarasu_
⋅
@harryorr, yes, it's either the nearest trendline was broken and it need to use another trendline or there's a new pivot and it use it for the trendline.