OPEN-SOURCE SCRIPT

COG Fibs [LazyBear]

已更新

Made the lines invisible by default. One can see the values by going through settings

發布通知

This script, named "COG Fibs [LazyBear]", is a custom TradingView script that uses the centre of gravity (COG) concept and Fibonacci multipliers to generate a series of potential support and resistance bands around a midpoint moving average.

The core idea of this script is to plot various bands above and below the midpoint moving average, which is calculated based on the user-specified period. The bands are determined by adding or subtracting a dynamically calculated average true range (ATR) value, which is multiplied by different Fibonacci ratios from the midpoint.

These Fibonacci bands are potential support and resistance levels, indicating price volatility and possible reversal points. When the price crosses these bands, it could signal a trading opportunity.

The script also alerts users when the price crosses any of these Fibonacci bands. This feature can help traders in decision-making by alerting them to significant price movements. Traders can tailor the alerts to suit their trading strategy and risk tolerance.

Please note that this tool should be used in conjunction with other technical analysis tools and not in isolation to make trading decisions. Trading involves risk, and it's recommended to use proper risk management.

LazyBear initially wrote this script, and this version contains modifications to the original script, including alerts. LazyBear's contribution to the TradingView community through such efficient scripts is highly appreciated.