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Black Arrow Wave Trend

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Summary:
Goal was to add FIB Levels to the "WaveTrend with Crosses [LazyBear]". This tool is trying to identify if FIB levels in the "WaveTrend" oscillator has any relation to price action in candles.

Details:
1) Made FIB levels adjustable in the input sections under settings. Adjust to your needs.
2) Blue ribbon represents bullish waves and red ribbons represents bearish waves.
3) Purple line is at .5 "Fair Value", Two Gold lines represent "Golden Pocket", Red line represents the .786

How to use:
1) Observe either bullish or bearish waves enter FIB levels that are color coded.
2) Observe as momentum slows if following waves mark lower FIB levels.
3) Zero line is at the bottom color = grey.
4) As momentum ribbons momentum slows, this may indicate a reversal in momentum.

Probability levels:
1) Lowest: Purple line is "Fair Value" at 50% pullback. Reversal in momentum chance is weak.
2) Medium: Gold Double lines are the "Golden Pocket". Reversal in momentum chance is medium.
3) Highest: Red Line as a higher Probability for a Reversal in momentum.

Please let me know if there are any changes or items I should add.
This would be best used if combined with a support and resistance indicator.

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.