PA Zigzag Fibonacci FAN V0
Nov 30, 2015
The PA Zigzag Fibonacci FAN indicator provides automated trend projections by combining price action Zigzag points with Fibonacci-based fan levels to identify potential support and resistance zones.
Usage
The tool is designed to project potential price pathways based on the momentum and slope of the most recent Zigzag leg. Users can utilize these projections to:
- Identify Support/Resistance: The various Fibonacci fan levels (0.000, -0.236, -0.382, -0.500, -0.618, -1.000, -1.618, -3.141) act as dynamic levels where price might find friction.
- Trend Analysis: The central Zigzag line helps define the current market structure, while the fan projections offer a map for future price action relative to the current volatility.
- Multi-timeframe Perspective: By enabling the alternative timeframe setting, traders can view higher-order Fibonacci projections on lower-timeframe charts for better entry precision.
Details
The indicator calculates a simplified Zigzag based on price direction changes. Once a new pivot is established, it determines the slope (step) between the two most recent pivots. This slope is then multiplied by various Fibonacci ratios to project a "fan" of lines from the latest pivot point. Unlike traditional static Fibonacci fans that are drawn from a fixed point to a fixed point, these lines project forward in time based on the rate of change of the preceding price move.
Settings
- Use Heikken Ashi Candles?: When enabled, the indicator uses Heikin Ashi price data for the Zigzag calculations, which can result in smoother trend pivots.
- Use Alt Timeframe?: Toggle to calculate the Zigzag and Fibonacci Fan based on a different timeframe than the current chart.
- Alt Timeframe: Specifies the timeframe to be used when the "Use Alt Timeframe" option is active (e.g., Daily, 4-Hour).
FAQ
How do I interpret the Fibonacci levels?
The levels represent various ratios of the previous leg's slope. Negative values project the lines in the opposite direction of the current slope, acting as potential reversal or exhaustion zones.
Can I use this for intraday trading?
Yes, the indicator is versatile and can be used on any timeframe. Using the "Alt Timeframe" setting allows you to see higher-timeframe fan projections while trading on lower intervals.
How can I access PA Zigzag Fibonacci FAN?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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