If you're looking for a dynamic Fibonacci channel indicator for cTrader, look no further. This indicator automatically draws Fibonacci bands parallel to a moving average of your choice. It's user-friendly and, like my other indicators, provides alerts through Pop-up, Sound, Email, and Telegram messages. Plus, you have the flexibility to customize the Bands, Fibonacci levels, and Alerts.
Here's a list of its features:
- Fibonacci Bands Calculation: The indicator calculates and plots Fibonacci bands based on your selected moving average. These bands stem from Fibonacci levels (e.g., 0.0%, 38.2%, 61.8%, or any others) and extend above and below the moving average by a specified factor.
- Moving Average Configuration: Customize the moving average type (e.g., Simple, Exponential, etc.) and the number of periods used in the calculation. The moving average serves as the foundation for the Fibonacci bands.
- Alert Functionality: The indicator offers various alert options to notify traders about specific events. This includes price level touch alerts and proximity alerts.
- Price Level Touch Alerts: Configure the indicator to trigger alerts when the price touches specific Fibonacci levels. Alerts can be based on the closing price or immediately when the price touches the level.
- Proximity Alerts: Set up proximity alerts to receive notifications when the price approaches or moves away from a specified Fibonacci level within a defined distance. Alerts can trigger when the price is approaching or distancing from the level.
- Alert Output Options: Choose from sound alerts, pop-ups, Telegram messages, and email notifications for alerts. Sound alerts can be customized by selecting different sound files.
- Visualization Options: Customize the visualization of Fibonacci levels with options such as displaying percentage values, setting color for percentage labels, controlling label location on the chart, enabling/disabling specific bands, and choosing color, thickness, and appearance of the bands.
- Configurable Fibonacci Levels: Tailor the indicator to your trading strategy by adjusting the specific Fibonacci levels used in the calculation. Positive and negative Fibonacci levels can be customized individually.
Check out the alert system parameters in the image below:
Here you can learn how to configure the telegram and the email alerts:
And here are the parameters for the Bands:
In summary, the VegaXLR - Fibonacci Bands indicator combines Fibonacci analysis and moving averages to help identify potential support and resistance levels. With configurable alert functionality and visualization options, it's an invaluable tool for traders who rely on Fibonacci retracements or expansions.
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