Fibonacci Pivot Levels from Prior-Day Price Range
Summary
The indicator plots price channels using the prior day's close as a base and offsets derived from the prior day's high-low range, scaled by a coefficient. On Mondays it can also plot levels based on the Monday open, allowing the user to choose whether the grid starts from Friday's close or the new week's opening price.
The number of days displayed is configurable, with zero indicating that all available historical days are processed. The coefficient squeezes or stretches the level spacing; the description suggests Fibonacci-related values for it. The document explains the construction and display options, but gives no rules for entering or exiting trades at the levels, no market or timeframe evaluation, and no evidence that the levels predict price behavior. It should be read as an indicator specification rather than a tested strategy.
Key ideas
- The indicator derives levels from the previous day's close and high-low range.
- A scaling coefficient controls the spacing of the plotted levels.
- A Monday option chooses between basing levels on Friday's close and Monday's open.
- The plotting history can be limited by a configurable day count.
- The description provides no trading rules or evidence of predictive value.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.