NO repaint, NO misleading statistics, NO hidden mechanisms – only proven mathematics using the famous Fibonacci retracement levels.
This indicator finds bearish Fibonacci retracement levels using a dynamic seeking engine, and tells where current price is relative to the levels, continuously for all candles. No need to redraw the levels manually when market structure changes - this indicator dynamically adjusts to the most recent structure.
See the levels and price location from the indicator window. You can use the 3 moving averages to filter a preferred trend environment.
The indicator draws arrows when price comes near a fibo level, suggesting a good entry for a sell trade.
Inputs:
- map1: period for first moving average
- map2: period for second moving average
- map3: period for third moving average
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