AFL for Fibonacci Pivot Points
This indicator plots Fibonacci pivots points on an intraday chart. The pivot levels are based on the daily trading range and plotted at 38%, 62% and 99%. You can use the pivot levels to trade reversals or break-outs and Fibonacci retracements to buy dips in uptrends and sell rallies in downtrends.
In uptrends, traders should look to buy near the 38% Fibonacci Retracement level (buy on dips). In downtrends, traders look to sell near the 38% Fibonacci Retracement level (sell on rallies).
Likewise 62% and 99% Fibonacci Retracement Levels are very crucial as well and it can act as support/resistance and can be used for trading pullbacks and reversals.
The Amibroker AFL script provided below will plot all the 6 Fibonacci Retracement levels in the chart. We will be using Daily Timeframe data to arrive at the various Fibonacci Levels.
Script:
_SECTION_BEGIN(“Fibo Pivots”);
SetChartOptions(0,chartShowDates);
GraphXSpace=5;
Plot(C,””,colorBlack,styleCandle);
PH = DayH = TimeFrameGetPrice(“H”, inDaily, -1); DayHI = LastValue (DayH,1); // yesterdays high
PL = DayL = TimeFrameGetPrice(“L”, inDaily, -1); DayLI = LastValue (DayL,1); // yesterdays low
PC = DayC = TimeFrameGetPrice(“C”, inDaily, -1); // yesterdays close
PR = PH – PL;
//DayO = TimeFrameGetPrice(“O”, inDaily); // current day open
numbars = LastValue(Cum(Status(“barvisible”)));
hts = -33.5;
R=PH-PL;//range
P=(PH+PL+PC)/3; pI = LastValue (p,1);// Standard Pivot
fr1 = p + (R * 0.38); fr1I = LastValue (fr1,1);
fr2 = p + (R * 0.62); fr2I = LastValue (fr2,1);
fr3 = p + (R * 0.99); fr3I = LastValue (fr3,1);
fs1 = p – (R * 0.38); fs1I = LastValue (fs1,1);
fs2 = p – (R * 0.62); fs2I = LastValue (fs2,1);
fs3 = p – (R * 0.99); fs3I = LastValue (fs3,1);
Plot(p,”Pivot”,colorBlue,styleDots|styleNoLine|styleNoRescale);
Plot(fr1,”R1″,colorRed,styleDots|styleNoLine|styleNoRescale);
Plot(fr2,”R2″,colorPink,styleDots|styleNoLine|styleNoRescale);
Plot(fr3,”R3″,colorRose,styleDots|styleNoLine|styleNoRescale);
Plot(fs1,”S1″,colorGreen,styleDots|styleNoLine|styleNoRescale);
Plot(fs2,”S2″,colorLime,styleDots|styleNoLine|styleNoRescale);
Plot(fs3,”S3″,colorPaleGreen,styleDots|styleNoLine|styleNoRescale);
PlotText(” Pivot “, LastValue(BarIndex())-(numbars/Hts), pI, colorBlue);
PlotText(” Fib R1 ” , LastValue(BarIndex())-(numbars/Hts), fr1I, colorRed);
PlotText(” Fib R2 ” , LastValue(BarIndex())-(numbars/Hts), fr2I, colorPink);
PlotText(” Fib R3 ” , LastValue(BarIndex())-(numbars/Hts), fr3I, colorRose);
PlotText(” Fib S1 ” , LastValue(BarIndex())-(numbars/Hts), fs1I, colorGreen);
PlotText(” Fib S2 ” , LastValue(BarIndex())-(numbars/Hts), fs2I, colorLime);
PlotText(” Fib S3 ” , LastValue(BarIndex())-(numbars/Hts), fs3I, colorPaleGreen);
_SECTION_END();
If you are interested in learning Amibroker AFL Scripts or AlgoTrading and if you need detailed explation for the above mentioned script, you can check out our ALgo-Trading series in Youtube.