Fib Wave w/Candlestick Patterns Indicator

*Available with the Plus or Premium subscription.

Description:
This indicator utilizes 12 moving averages that can be customized by color, line type, moving average length, and moving average type. The default lengths are fibonnacci numbers 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, and 233. The default moving average type is EMA. Lines and background are colored to present an effective visual to quickly evaluate the market strength of the charted symbol.

High probability candlestick patterns including Hammers, Evening Star, Morning Star, Three Black Crows, Three White Soldiers, Three Line Strikes, Three Stars in the South, and Engulfing are recognized and signaled in real-time.

Fibonacci Pivot Points are featured and calculated by user selectable options (day [default], week, month or, year).

Unique Features:

• Displacement, continuing, and engulfing candles are highlighted uniquely for quick recognition.
• Fibonacci Pivot Points can be displayed to utilize as target support and resistance lines.
• Candle highlight is a useful and important feature to understand price action as it occurs. Displacement candles for upcoming tall candles that normally create fair value gaps that will be eventually retraced. Continuing candles are highlighted to easily see that the current trend is ongoing and to perhaps hold a position. Engulfing candles will show possible imminent price reversals.
• A featured module showing the current bull/bear trend and real time trading signals at a glance.

Indicator Options:
Go to indicator settings under the “Input” tab section to customize colors, labels, styles, or show/hide:

• Chart EMA options, 50 & 200 DMAs, and labels
• Moving average lengths and sources for signal calculations
• Moving average types (SMA, EMA, SMMA (RMA), WMA, and VWMA)
• Fibonacci Pivot Line options
• Bull/Bear signal table options
• Buy/Sell signal configurations
• Lower timeframe(s) selections for signal validation
• Under the “Style” tab, show/hide, and custom options for moving average line thickness & style, candlestick patterns, and buy/sell signals.

Usage Tips:

• When first installing onto a new chart, the chart will be compressed and will require expansion by spreading the chart scale that is usually on the right of chart.
• Apply this indicator to multiple timeframes to see the pattern progressions properly to aid in trading choices. Proper risk management and adequate experience are required to achieve long term trading success. This indicator is a tool designed to complement a trader’s intuition that only developes over much screen time and trading experience.
• “B”/”S” plots are generated when selected two EMAs cross or candlestick patterns appear.
• To lower signal repainting, confirmation is utilized at lower timeframes. In the “Input” tab near the bottom are settings to choose up to 3 separate lower timeframes for confirmations. Timeframe confirmations validate buy/sell signals at lower selected timeframe(s).
• Yellow crosses plots are generated when price slow MA crosses the fast MA. MA’s and crossings can be user defined or hidden.
• *Stop loss order placement is highly encouraged for each trade.
• A recommended exit strategy is to take partial profits on each push wave towards the target and fully out when reaching the target cross.