What Are Fibonacci Bollinger Bands?
The Fibonacci Bollinger Bands indicator is a fantastic tool that combines the classic Bollinger Bands with Fibonacci levels, giving traders a powerful way to spot dynamic support and resistance zones. This tool has been converted from Pine Script (shoutout to Rashad!) into MQL5, making it fully compatible with MetaTrader 5.
Key Features
- Automatic Fibonacci Level Calculation: This indicator automatically calculates Fibonacci levels on the Bollinger Bands, streamlining your analysis.
- Breakout and Reversal Insights: It provides a fresh perspective, perfect for identifying breakout and reversal opportunities in the market.
- MetaTrader 5 Compatibility: Seamlessly integrates with your MT5 setup.
If you're looking to enhance your technical analysis toolkit, give this indicator a spin! Download it and start testing your strategies today!
Code Snippet
For the coding enthusiasts, here’s the Pine Script code:
study(shorttitle="FBB", title="Fibonacci Bollinger Bands", overlay=true) length = input(200, minval=1) src = input(hlc3, title="Source") mult = input(3.0, minval=0.001, maxval=50) basis = vwma(src, length) dev = mult * stdev(src, length) upper_1 = basis + (0.236 * dev) upper_2 = basis + (0.382 * dev) upper_3 = basis + (0.5 * dev) upper_4 = basis + (0.618 * dev) upper_5 = basis + (0.764 * dev) upper_6 = basis + (1 * dev) lower_1 = basis - (0.236 * dev) lower_2 = basis - (0.382 * dev) lower_3 = basis - (0.5 * dev) lower_4 = basis - (0.618 * dev) lower_5 = basis - (0.764 * dev) lower_6 = basis - (1 * dev) plot(basis, color=fuchsia, linewidth=2) p1 = plot(upper_1, color=white, linewidth=1, title="0.236") p2 = plot(upper_2, color=white, linewidth=1, title="0.382") p3 = plot(upper_3, color=white, linewidth=1, title="0.5") p4 = plot(upper_4, color=white, linewidth=1, title="0.618") p5 = plot(upper_5, color=white, linewidth=1, title="0.764") p6 = plot(upper_6, color=red, linewidth=2, title="1") p13 = plot(lower_1, color=white, linewidth=1, title="0.236") p14 = plot(lower_2, color=white, linewidth=1, title="0.382") p15 = plot(lower_3, color=white, linewidth=1, title="0.5") p16 = plot(lower_4, color=white, linewidth=1, title="0.618") p17 = plot(lower_5, color=white, linewidth=1, title="0.764") p18 = plot(lower_6, color=green, linewidth=2, title="1")
Visual Example
Here’s how the indicator looks in action:
Happy trading, and may your charts be ever in your favor!
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