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.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.