OPEN-SOURCE SCRIPT
Fibonacci Timing Pattern
The Fibonacci Timing Pattern is a price-based counter that seeks to determine short-term and medium-term reversals in price action. It is based on the following set of conditions:
* For a bullish Fibonacci timing signal: The market must shape 8 consecutive close prices where each close price is lower than the close prices from 3 and 5 periods ago.
* For a bearish Fibonacci timing signal: The market must shape 8 consecutive close prices where each close price is higher than the close prices from 3 and 5 periods ago.
The signals of the pattern are ideally used in a sideways market or used in tandem with the trend (bullish signals are taken in a bullish market and bearish signals are taken in a bearish market).
* For a bullish Fibonacci timing signal: The market must shape 8 consecutive close prices where each close price is lower than the close prices from 3 and 5 periods ago.
* For a bearish Fibonacci timing signal: The market must shape 8 consecutive close prices where each close price is higher than the close prices from 3 and 5 periods ago.
The signals of the pattern are ideally used in a sideways market or used in tandem with the trend (bullish signals are taken in a bullish market and bearish signals are taken in a bearish market).
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 publication is governed by House rules. You can favorite it to use it on a chart.
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.