Use in Trending Markets, Price will pullback into this Zone.
study("Donchian Fibonacci Support / Resistance", shorttitle="Don FIB S/R", overlay=true) lookback = input(20, title="Lookback", type=integer) fibLevel1 = input(0.618, title="Fibonacci Level 1", type=float) fibLevel2 = input(0.382, title="Fibonacci Level 2", type=float) showDon = input(false, title="show Donchian Channel", type=bool) donTop = highest(high,lookback) donBot = lowest(low,lookback) fib1 = ((donTop-donBot) * fibLevel1) + donBot fib2 = ((donTop-donBot) * fibLevel2) + donBot p1 = plot(fib1, color=silver, title="Fib 1") p2 = plot(fib2, color=silver, title="Fib 2") plot(showDon ? donTop : na, color=blue, title="Don Top") plot(showDon ? donBot : na, color=blue, title="Don Bot") fill(p1,p2,gray, title="Fib Area")