OPEN-SOURCE SCRIPT
FIBONACCI BANDS by KIVANCfr3762
Calculated with a default value of 14 periods of EMA and 14 periods of Average True Range ( SMA )
There are 4 levels of upper bands and 4 levels of lower bands in the indicator
its calculated adding and subtracting ATR( SMA ) values with coefficients 1, 1.618, 2.618 and 4.236 (Fibonacci ratios) to EMA of close prices.
Top and Bottom Fibo lines are aceepted as significant Resistance and Support levels.
There are 4 levels of upper bands and 4 levels of lower bands in the indicator
its calculated adding and subtracting ATR( SMA ) values with coefficients 1, 1.618, 2.618 and 4.236 (Fibonacci ratios) to EMA of close prices.
Top and Bottom Fibo lines are aceepted as significant Resistance and Support levels.
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