ON Trade Fibo Star
- Indicators
- Abdullah Alrai
- Version: 1.0
- Activations: 5
The "Fibo Star" indicator is designed to visualize Fibonacci Fans in a star-like pattern on your trading chart. These Fibonacci fans are a powerful tool for analyzing price movements and can offer insights into potential support and resistance levels. This indicator comes equipped with a user-friendly control panel, aiming to simplify the process of drawing and configuring the fans, thus saving you time and effort.
Usage Instructions: This indicator is meant for manual usage. To effectively utilize it, follow these steps:
- Identify the high and low points on the chart that you wish to base the Fibonacci Fans on.
- Place the violet line on these high and low points.
- Once the price interacts with the lines, observe how the indicator functions as dynamic support and resistance levels.
Parameters:
- Use_System_Theme: This parameter allows you to select a preferred theme for the indicator's appearance to match the overall style of your trading platform.
- Levels_Color: Choose the color that you want to use for the Fibonacci fan levels.
- Levels_Style: Define the style of the Fibonacci fan levels, tailoring the appearance to your preferences.
- Levels_Width: Adjust the width of the Fibonacci fan levels to enhance visibility on the chart.
- Levels_Ray: Enable or disable the display of the rays extending from the Fibonacci fan levels.
- Lvl0 to Lvl8: Specify the proportion values for each level. These values play a crucial role in determining the angles and positions of the Fibonacci fans.
- Star_Color: Define the color that will be applied to the fans, helping them stand out on the chart.
- Star_Style: Choose the style of the fans to suit your visual preferences.
- Star_Width: Adjust the width of the fans to control their visual prominence.
- Show_Back_Fans: Enable or disable the visibility of back fans for a more comprehensive view of the chart.
- Delete_OnChange_TF: Decide whether the indicator should start a new draw when changing the time frame, providing you with flexibility in your analysis.
Note:
- If you have any suggestions for improvements or features, you're encouraged to leave a comment, as user feedback can contribute to the enhancement of the indicator's functionality.
- Your reviews are valuable to the indicator's developer, so please consider leaving a review after using the "Fibo Star" indicator.
As with any technical tool, it's important to integrate the insights provided by the "Fibo Star" indicator with other forms of analysis to make well-informed trading decisions. While this indicator simplifies the visualization of Fibonacci fans, it's recommended to practice responsible risk management alongside its usage. If you encounter any challenges or have specific questions about using the indicator effectively, referring to the user manual or seeking expert guidance can be beneficial.