lance algo

The [IMBA] ALGO indicator provides a comprehensive trend-following solution that utilizes Fibonacci levels to determine market direction and trade entries. By monitoring the 0.5 Fibonacci level over a specific period, the tool identifies shifts in momentum and generates structured trade setups with built-in backtesting capabilities.

Usage

The Usage section describes how the script can be used to identify trades and evaluate performance. A trend change is detected when a candle closes above the 0.236 level (Long) or below the 0.786 level (Short). Once a signal is generated, the tool automatically plots the entry price, four Take Profit (TP) targets, and a Stop Loss (SL).

Backtesting and Strategy Management

The indicator features a dynamic backtest panel that calculates profit, drawdown, and deposit growth based on the selected settings. Users can toggle between "MANUAL" mode to customize parameters or select preset "UNIVERSAL" strategies. If a manual configuration yields strong results, the script's code allows for saving these parameters as a permanent preset.

Risk Management

The tool includes an integrated Break-Even (BE) trigger. Users can define which Take Profit target must be reached before the Stop Loss is automatically moved to the entry price. The "Risk %" setting determines position sizing relative to the initial deposit, ensuring consistent risk management across all trades.

Details

The indicator relies on Fibonacci retracement levels calculated over a user-defined "Sensitivity" period (lookback). The core trend is defined by the 0.5 level, while the 0.236 and 0.786 levels act as confirmation thresholds for trend reversals.

The backtesting engine processes trades chronologically starting from the "Start calculating date." It accounts for partial profit-taking at each of the four TP levels, reducing the position size as targets are hit. The profit calculation is based on the Reward-to-Risk ratio and the specified percentage of the deposit risked per trade.

Settings

Main Settings

• Strategy: Selects between MANUAL mode, UNIVERSAL presets, or custom saved strategies.
• Sensitive: Defines the lookback period (in bars) used to calculate Fibonacci levels.
• Start calculating date: Sets the historical point where the backtest begins.

Position & Risk

• Show/Fill: Toggles the visibility and background shading of active trade positions.
• Risk %: The percentage of the account balance risked per trade.
• BE Target: Determines which TP level (1, 2, or 3) triggers moving the SL to break-even.
• Initial Deposit: The starting capital used for backtest calculations.

Stoploss & Take Profit

• Fixed Stoploss %: If enabled, the SL is a fixed percentage from entry; if disabled, it is placed at the Fibonacci 0.786/0.236 levels.
• TP 1–4 & Fix %: Sets the distance for each target and the percentage of the total position to close at that level.

Additional Features

• RSI: Enables a built-in Relative Strength Index to highlight overbought or oversold conditions on the chart.
• Infopanels: Toggles the visibility of the Profit, Strategy, and Statistics panels.
• Developer Mode: Displays detailed event logs, including specific price hits and unliquidated balance info.

FAQ

How do I save a custom strategy? To save a strategy, select "MANUAL" mode and adjust the settings until satisfied. You can then edit the script's source code under the "// STRATS" section to hardcode your parameters into a new selector option.

Can I use this for automated trading? The indicator provides an alert() function call that outputs a JSON string containing entry, targets, and stop-loss data, which can be connected to third-party execution platforms.

How do I access the [IMBA] ALGO? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.