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    Fibonacci Bollinger Bands
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      Fibonacci Bollinger Bands

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        Fibonacci Bollinger Bands is an indicator that combines Bollinger Bands (BB) with the Fibonacci sequence concept, a distinct pattern of numbers used for calculation of standard deviation levels (bands). The bands (the number is customizable) deviate from Simple Moving Average (SMA) showing possible support and resistance areas or offering potential entry points.

        MidLine = SMAn (TP)
        The band above MidLine = MidLine - σTPn x F
        The band below MidLine = MidLine + σTPn x F

        where:
        SMA – Simple Moving Average for the period
        TP – Typical Price
        F – Fibonacci number in the following sequence: 0.236, 0.382, 0.5, 0.618, 0.764
        σTPn – Standard Deviation over last n periods of TP
        n – the number of periods

        Fibonacci Bollinger BandsFibonacci Bollinger Bands

        INPUTS

        InputDescription
        LengthThe number of periods the indicator uses to calculate the MidLine
        Price
        The following data sources are available for calculation of MidLine:
        • Open. The Open Price of every bar for the specified period.
        • High. The High Price of every bar for the specified period. 
        • Low. The Low Price of every bar for the specified period.
        • Close. The Close Price of every bar for the specified period. 
        • Median. The Median Price of every bar for the specified period - (High + Low) / 2.
        • Typical. The sum of High, Low, and Close prices divided by 3 for the specified period- (High + Low + Close) / 3.
        • OHLC average. The arithmetical mean of High, Low, Open, and Close prices for the specified period - (Open + High + Low + Close) / 4.
        • Volume. The Close Price of every bar + average volume of an asset for the specified period.
        InputDescription
        MultiplierThe number that Standard Deviation uses for calculation

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        PlotThe middle line (SMA)
        0.236-UThe upper deviation multiplied by 0.236
        0.382-UThe upper deviation multiplied by 0.382
        0.5-UThe upper deviation multiplied by 0.5
        0.618-UThe upper deviation multiplied by 0.618
        0.764-UThe upper deviation multiplied by 0.764
        1-UThe uppermost band
        0.236-LThe lower deviation multiplied by 0.236
        0.382-LThe lower deviation multiplied by 0.382
        0.5-LThe lower deviation multiplied by 0.5
        0.618-LThe lower deviation multiplied by 0.618
        0.764-LThe lower deviation multiplied by 0.764
        1-LThe lowest band
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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