dgtrd

Auto PitchFan, Fib Extension/Retracement and ZigZag by DGT

Aᴜᴛᴏ PɪᴛᴄʜFᴀɴ, Fɪʙ Exᴛᴇɴꜱɪᴏɴ/Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛ ᴀɴᴅ ZɪɢZᴀɢ
This study aim to automate PitchFan drawing tool and combines it with Fibonacci Extentions/Retracements and ZigZag .

Common setting options, applied to all components of the study
    Deviation, is a multiplier that affects how much the price should deviate from the previous pivot in order for the bar to become a new pivot . Increasing its value is one way to get higher timeframe Levels
    Depth, affects the minimum number of bars that will be taken into account when building
    Historical PitchFan / Fibonacci Levels option will allow plotting of PitchFan / Fibonacci Levels on previous Pivot Highs/Lows

█  PɪᴛᴄʜFᴀɴ — is a set of rays spreading out of the point of a trend's beginning. These rays inclined with the coefficients formed by a Fibonacci number sequence. It is recommended to adjust the Pitchfan plottings to fit after the first wave of the trend has passed and the correction has clearly begun.
PitchFan rays corresponding to Fibonacci levels appear on a chart and represent inclined lines of support and resistance . Price areas near these rays are estimated areas from which the price can turn around or make a significant rebound. The whole logic of working with a pitchfan is based on one simple idea - if the price has bounced off the level, then the correction is likely to end, and the trend will continue. If the price has broken the first resistance, you should wait for the next level test

    - Automatically plots PitchFan Rays, based on Pivot Lows/Highs.
    - Ability to set ALERTs for each PitchFan Ray Level
    - PitchFan Labels displays the price of the line at the last bar, the price value will be recalculated in each new bar


Please check the link provided below with the educational post of how to apply pitchfork , application of pitchfan is same keeping in mind the recommendation stated above

█  Fɪʙ Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛs / Exᴛᴇɴꜱɪᴏɴꜱ
Fibonacci retracements is a popular instrument used by technical analysts to determine support and resistance areas. In technical analysis , this tool is created by taking two extreme points (usually a peak and a trough) on the chart and dividing the vertical distance by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%.


Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel AFTER a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse.

IMPORTANT NOTE: Fibonacci extensions option may require to do further adjustment of the study parameters for proper usage. Extensions are aimed to be used when a trend is present and they aim to measure how far a price may travel AFTER a retracement/pullback. I will strongly suggest users of this study to check the education post for further details where to use extensions and where to use retracements



    - Automatically plots possible Support and Resistance levels, based on Pivot Lows/Highs.
    - Ability to set ALERTs for each Fibonacci Extension /Retracement Level
    - Labels displays the level and the level price


█  Zɪɢ Zᴀɢ — The Zig Zag indicator is used to help identify price trends and changes in price trends. The Zig Zag indicator plots points on a chart whenever prices reverse by a percentage greater than a Deviation variable. Straight lines are then drawn, connecting these points. The Zig Zag indicator serves base for PitchFan and Fibonacci Retracements / Extensions



█  OTHER

PitchFan is often used in combination with the other indicators and/or drawing tools such as Fibonacci Retracement , Fibonacci Channels, Fibonacci Time Zone and others. It allows identify the most powerful areas from which price can turn and to get more accurate trading signal

Andrews’ Pitchfork , how to apply pitchfork and automated pitchfork study
Fibonacci Fans, how to apply fibonacci fans and automated fibonacci speed and resistance fans study
Fibonacci Extension / Retracement, where to use extensions and where to use retracements and automated fibonacci extension / retracement / pivot points study
Others
Fibonacci Channels, how to apply fibonacci channels and automated fibonacci channels study
Linear Regression Channels, , what linear regression channels are? and linear regression channel/curve/slope study

Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely

The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

ความคิดเห็น

500 เหรียญ
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dgtrd PineCoders
Thank You @PineCoders 🙏
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:-D
500 เหรียญ
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dgtrd Charlie8G
@Charlie8G, :) thank You
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wow, veeery noice!!! But, would it be possible If you could add a resolution picker? for example, so I could pick 1W or 1D on 15m or 1h timeframe, but retracement is from higher resolution
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dgtrd wojtek85CH
@wojtek85CH, thank you

thanks for the suggestion i will check if it will be applicable with this study. There was same kind of request for my "linear regression channel/curve/slope" study and i did applied for intraday charts, probably the one you are asking is similar to that one
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This publication is now featured in our Editors' Picks: https://www.tradingview.com/scripts/editors-picks/ .
In the name of all TradingViewers, thank you for your valuable contribution to the community, and congrats!
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dgtrd PineCoders
@PineCoders, so happy to be able to contribute :)
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Fantastic ! Getting an education with each indicator ! Many thanks !
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dgtrd rapturereaper
thank You @rapturereaper, i am glad you like them.

I remember my early days of trading, tools were there but without knowing how to properly use/interpret them they were not helping. Knowing this I aimed to include education posts beside automated indicator versions of the drawing tools.

They are quick how-to guides for users who enjoy using the drawing tools either manually or using their automated versions as this one
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