Created by: LeMan
The FibonacciPivot indicator builds on the foundations laid by the AllPivotPoint. This handy tool constructs level channels starting from the previous day's closing line, utilizing data from that day. The formula used is: dayClose + (dayHigh - dayLow) * fibo * koeff. On Mondays, you'll see the previous Friday's closing level alongside the Monday opening level.
- mondayGAP: This parameter dictates how levels are drawn on Mondays. If set to false, levels will originate from Friday's close; if true, they will start from Monday's open.
- Days: This controls the number of days to plot, counting from today. Setting it to zero processes all available days in the history.
- koeff: This allows you to squeeze or stretch the grid of levels. It's recommended to use Fibonacci numbers such as 0.34, 0.55, 0.618, 0.89, 1.44, and 2.33 for optimal results.
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