Fibonacci-Level Entries with Market Orders and DCA

Summary

This script builds Fibonacci-style price levels from recent pivot highs and lows, then lets the user select one level as an entry reference. Its signal logic checks whether that reference is available and whether a prior bar crossed below it while the strategy was active. When triggered, it submits a long market entry and records the reference level; the code also tracks fills and uses a configurable adverse-move threshold to govern subsequent entries. A take-profit percentage and leverage setting are included in the parameters.

The document is an automation script, not a performance study: it gives no backtest results or evidence that the Fibonacci levels predict reversals. The visible order alerts and cancellation or movement logic are partly commented out, and the excerpt ends before all code is shown. Its exchange-specific alert text, large pyramiding allowance, and assumptions about sizing and execution require careful adaptation before practical use.

Key ideas

• Recent pivot highs and lows define a range from which the script calculates selectable Fibonacci-style levels.
• The selected level acts as a reference for a price-crossing condition that triggers long market entries.
• Leverage, a take-profit percentage, and an adverse-move threshold are configurable components of the entry logic.
• The excerpt provides no performance results, and portions of the order-management logic are commented out or missing.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.