Fibo Zone

The indicator displays strong support and resistance areas near the levels of certain type calculated using ZigZag vertices with greater amplitude. The strength of levels is defined by the accumulation of Fibo levels calculated using ZigZag vertices with lower amplitude.

These areas can be considered as potential reversal zones and used to perform trades and fix profit. Potential reversal zones efficiently sort out the signals received from the oscillators.

Also, the functionality for the detection and construction of harmonic 5-points patterns on the basis of the vertices of the ZigZag indicator with greater amplitude is provided. The search is conducted not only by well-known patterns, such as Gartley, Bat, Butterfly, Crab, etc., but by all 5-point patterns having the vertices corresponding the Fibonacci Retracement entered in the indicator settings.

Input Parameters

• Max Amplitude of Swing – big ZigZag's swing amplitude.
• Min Amplitude of Swing – small ZigZag's swing amplitude.

Swing amplitude is set in percentage value: 1% for EURUSD – about 130 standard points.

• Type of Calculation – types of calculation of the main levels and potential reversal zones:
• Levels of greater amplitude – the basis for the potential reversal zones are Fibonacci levels calculated using vertices of the last swing of ZigZag.
• Density around the Harmonic Levels – the basis for the potential reversal zones are similar Fibonacci levels calculated using two last vertices of ZigZag (ABCD).
• Density around the Levels of Crossing Pitchforks – the basis for the potential reversal zones are levels of Andrew’s pitchforks crossing built on the vertices of 5 ZigZag swings (XAB and BCD).
• Use the Level of Crossing Pitchforks Filter – filter that considers presence of pitchfork crossing levels in potential reversal zone.
• Do not use filter
• Levels of Crossing in Area
• Use Harmonic Filter – retracements XB, AC, BD, XD should correspond the specified Fibonacci levels.
• Fibo Series – Fibo levels used in calculations of the areas. By default:

0.236,0.382,0.5,0.618,0.786,0.886,1,1.128,1.272,1.414,1.618,2.000,2.236,2.618,3.14,4.236

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