This indicator displays a fan using a linear regression fit to the price as a base. All lines are equidistant and are drawn from the first point of the linear regression to the most recent point of the linear regression plus the root-mean-square deviation (RMSD) multiplied by a certain factor.
Length: Lookback period for the linear regression.
This is a combination of Fibonacci and Gann fan/retracements.
The script can automatically draw as many:
as the user requires on the chart. Each level set or fan consists of 7 lines based on the most important ratios of Fibonacci/Gann.
What are Fibonacci...
Just a very simple EMA fan using Highs and Lows instead of closes. This results in these "EMA noodles". Price very rarely reacts rigidly to a close price of an EMA, sometimes it comes short, other times it overshoots it. Hence the idea behind the noodles.
You can obviously change the lengths of each of the noodle, I chose these lengths for a M5 timeframe and these...