Description
Fibar Scalping draws its inspiration from the Fibonacci retracement levels: 23.6%, 38.2%, 50%, 61.8%, and 78.6%.
Diving into its functionality, Fibar Scalping aids in discerning whether a reversal will persist in its direction or not following each reversal candle. Since Fibar Scalping centers its analysis and signal generation on a Reversal candle, it is uniquely tailored based on the KingRenko$ bar.
When a reversal bar takes shape, it signifies a temporary shift. However, the question remains: how do we accurately gauge if the price will continue in alignment with the reversal bar?
Enter Fibar Scalping. This innovative indicator triggers a Fibar signal only when three core criteria are met (please refer to the illustration below):
- A Reversal bar emerges.
- A Retracement promptly follows the reversal bar, meeting the required percentage or a specified tick set in the Min. Retracement parameter.
- Subsequently, the price reverts in the direction of the aforementioned reversal bar.
To further empower you, the choice is entirely yours: Select your preferred retracement percentage (relative to the length of the Reversal bar adjacent to it) or Tick count (calculated from the Close Price of the Reversal bar to the High/Low price of the subsequent bar).
In a nutshell, Fibar Scalping astutely leverages the potential of Reversal bars and customizable parameters, equipping scalpers to make astute decisions. If you’re in pursuit of a scalping indicator that delivers reliable short-term reversal signals, this tool is a must-have in your toolkit.
Dedicated NinjaScript signals:
- Signal_Trade: 1 = bullish, -1 = bearish, 0 = no signal
Changelog
- 17 Aug 2023 – The indicator was released (build new).
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