Multi-Lookback Fibonacci Level Confluence Scanner

Summary

The document contains a strategy script that calculates Fibonacci retracement levels from the highest high and lowest low across three lookback windows. It counts how many of the resulting levels lie within a configurable percentage distance of the current close, then labels the count as confluence when it meets a minimum threshold. The visible settings also include an optional EMA trend filter, an optional RSI momentum filter, trade direction controls, and stop-loss and risk-to-reward inputs.

The supplied text ends partway through the trade-condition section, so the actual entry, exit, alert, and position-management rules cannot be confirmed from this excerpt. It identifies the script as an open-source strategy and gives parameter defaults, but offers no backtest results or discussion of performance. Fibonacci level clustering is the central idea; the snippet alone does not establish whether proximity predicts support, resistance, or profitable trades. Any assessment would require the missing logic and independent testing across instruments and market conditions.

Key ideas

• The scanner derives Fibonacci retracement levels from high-low ranges across three lookback windows.
• It counts levels close to the current price and checks that count against a minimum confluence threshold.
• An EMA trend filter and an RSI filter are available as optional conditions.
• The excerpt is truncated before the trading rules, so its entry and exit behavior cannot be established.
• No performance results are provided, so the usefulness of the confluence signal remains unverified.

Tags

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