Limit-Order Entries at Fibonacci Levels with Averaging and Profit Targets

Summary

This script outlines an automated long strategy that derives Fibonacci-style price levels from recent pivot highs and lows, then places or moves a limit entry at a user-selected level. If price crosses the prior bar's entry level, the script treats the order as filled, tracks the fill price and count, and uses a take-profit target relative to the average position price. It also includes a configurable delay after fills, a start-time gate, leverage adjustment, and alert messages intended to coordinate orders with an exchange.

The document is implementation material rather than a strategy evaluation: it supplies no performance evidence or market context beyond its code and settings. The excerpt ends mid-script, so later exit, cancellation, or risk logic cannot be fully assessed. The large pyramiding allowance and averaging behavior can increase exposure as price moves against entries; the stated take-profit and stop-related controls should therefore not be assumed to cap total loss. Live fills, fees, slippage, and alert execution may also differ from the script's simulated assumptions.

Key ideas

• Recent pivot highs and lows define a range from which selectable Fibonacci-style order levels are calculated.
• The script places or updates a long limit order and detects fills using price movement across the prior entry level.
• After fills, the code tracks entries and targets profit relative to the average position price.
• Averaging and a high pyramiding allowance can increase exposure when the market moves against the strategy.
• The provided source is truncated and gives no backtest results, so its full exit and risk behavior is uncertain.

Tags

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