OPEN-SOURCE SCRIPT
Automatic Fibonacci Retracement Golden Pocket (GP)
Updated
Main info
This script automatically draws you the Fibonacci retracement level called golden pocket from the latest detected pivot point to the actual price. This level is very popular among traders because the price tends to reverse on this level pretty often. You should use this on higher timeframes 15m+.
It is good to keep in mind that this level alone is not enough, you should still have another level there to enter the trade, for example golden pocket in combination with a demand zone is pretty solid. :)
Settings
If you want any updates, just feel free to write me :)
This script automatically draws you the Fibonacci retracement level called golden pocket from the latest detected pivot point to the actual price. This level is very popular among traders because the price tends to reverse on this level pretty often. You should use this on higher timeframes 15m+.
It is good to keep in mind that this level alone is not enough, you should still have another level there to enter the trade, for example golden pocket in combination with a demand zone is pretty solid. :)
Settings
- The length for pivot point calculation is available in the script settings.
- You can enable inverted golden pocket (for shorts)
- You can hide/show the pivot point labels
If you want any updates, just feel free to write me :)
Release Notes
Added fill between lines based on user's feedback. Users can configure it in settings -> style.Release Notes
Bugfix - Accidentally published wrong fill for inverted level.Release Notes
- change colors - add green fill for longs and red fill for shorts
- add 0.5 level based on user feedback
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.
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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.