Fibonacci Moving Averages

Fibonacci Moving Averages

OVERVIEW

The Fibonacci Moving Averages are a toolkit which allows the user to configure different types of Moving Averages based on key Fibonacci numbers.

Moving Averages are used to visualise short-term and long-term support and resistance which can be used as a signal where price might continue or retrace. Moving Averages serve as a simple yet powerful tool that can help traders in their decision-making and help foster a sense of where the price might be moving next.

The aim of this script is to simplify the trading experience of users by automatically displaying a series of useful Moving Averages, allowing the user to easily configure multiple at once depending on their trading style.


USAGE

This script will automatically plot 5 Moving Averages, each with a period of a key Fibonacci Level (5, 8, 13, 21 and 34).
Both the Source and Type of the Moving Averages can be configured by the user, making this a versatile trading tool that can provide value in a wide variety of trading styles.

SETTINGS

Configuration

• MA Source: Determines the source of the Moving Averages (open, high, low, close, hl2, hlc3, ohlc4, hlcc4)
• MA Source: Determines the type of the Moving Averages (SMA, EMA, VWMA, WMA, HMA, RMA)

Colors

• 5: Determines the color of the 5 period Moving Average
• 8: Determines the color of the 8 period Moving Average
• 13: Determines the color of the 13 period Moving Average
• 21: Determines the color of the 21 period Moving Average
• 34: Determines the color of the 34 period Moving Average