The Fibonacci Moving Average in TradingView

How to Code & Use the Fibonacci Moving Average in Pine Script

The Fibonacci Moving Average is a powerful indicator that takes into account many underlying moving averages to give out an approximate short-term/long-term view of the markets. Its strength lies with dynamic support and resistance levels. I have created this indicator in order to improve trend-following entry positions. Having already discussed how to code it in Python, it is now time to code in in TradingView using their in-house language, Pine Script.

Knowledge must be accessible to everyone. This is why, from now on, a purchase of either one of my new books “Contrarian Trading Strategies in Python” or “Trend Following Strategies in Python” comes with free PDF copies of my first three books (Therefore, purchasing one of the new books gets you 4 books in total). The two new books listed above feature a lot of advanced indicators and strategies with a GitHub page. You can use the below link to purchase one of the two books (Please specify which one and make sure to include your e-mail in the note).

The Fibonacci sequence is an amazing series that keeps impressing us everyday. It is applied almost everywhere with mathematically beautiful properties. In trading and technical analysis, the sequence is often used in trying to predict where will the market react. It can also serve as inputs in the parameters of some indicators.

We will use the sequence to create the Fibonacci Moving Average, my favorite reactionary overlay indicator. We need to first understand the concept of moving averages.

Moving averages help us confirm and ride the trend. They are the most known technical indicator and this is because of their simplicity and their proven track record of adding value to the analyses. We can use them to find support and resistance levels, stops and targets, and to understand the underlying trend…

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