Idea with support fibs MNQ1!

Purpose and Idea Behind the Script

This Pine Script strategy is designed for Fibonacci-based intraday trading with a focus on larger, high-quality trades while minimizing excessive trading frequency. The strategy leverages Fibonacci retracement and extension levels to identify potential high-probability entry points. It incorporates trend confirmation from a daily moving average, ATR-based risk management, and self-adjusting trade sizing to optimize performance.

The core idea is to execute trades with a fixed dollar amount per trade, ensuring consistency in risk exposure while reducing overtrading. Risk management includes dynamic stop-loss and take-profit levels, daily drawdown limits, and automatic recalibration of Fibonacci levels in volatile markets. The strategy is self-correcting, meaning it adjusts calculations dynamically to maintain effectiveness under different market conditions.