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Hermes Reg FIBONACCI V.4
Hermes Reg Fibonacci V.4 Indicator User Guide
Overview
The Hermes Reg Fibonacci V.4 indicator is a versatile tool used for identifying market trends and channels. This indicator analyzes price movements using logarithmic regression and Fibonacci levels, helping users determine the direction of the trend and identify support/resistance levels.
Parameters and Inputs
Source: The price data to be used in the calculations of the indicator. The default is the close price.
Length: The period length for the calculations of the indicator. The default is 262 and the minimum value is 10.
Deviation Multiplier (devlen): Set to 1.6.
Extend Lines: Determines whether the lines should be extended to the right of the chart.
Show Fibonacci Levels: Determines whether Fibonacci levels should be displayed.
Show Broken Channel: Determines whether to display the broken channel lines.
Up Trend Color (upcol): The color of the uptrend line.
Down Trend Color (dncol): The color of the downtrend line.
Fibonacci Up Trend Color (fibupcol): The color of the Fibonacci uptrend line.
Fibonacci Down Trend Color (fibdncol): The color of the Fibonacci downtrend line.
Channel Line Width (widt): The width of the channel line.
Fibonacci Line Width (fibwidt): The width of the Fibonacci line.
Working Mechanism of the Indicator
Logarithmic Source and Regression Channel Calculations:
The indicator takes the logarithm of the price data and calculates the logarithmic regression channel.
It calculates the middle line of the channel, slope, and the starting and ending points.
The standard deviation and the upper/lower boundaries of the channel are determined.
Channel and Fibonacci Levels:
Depending on user preferences, channel lines and Fibonacci levels are drawn on the chart.
Channel lines and Fibonacci levels are dynamically updated based on the slope and price movement.
When the channel is broken, it is displayed with the specified color and style.
Trend Direction and Alert Conditions:
The direction of the trend is determined based on whether the slope is positive or negative.
Alert conditions are defined for trend changes and channel breaks.
Symbols indicating the trend direction are displayed on the chart.
Usage Recommendations
Trend Following: The Hermes Reg Fibonacci V.4 indicator can be used to determine the current trend direction and identify potential trend reversal points.
Support and Resistance Levels: The indicator helps identify support and resistance levels by observing how the price moves within the channel.
Fibonacci Analysis: Fibonacci levels can be used to identify potential retracement and extension points.
Alerts and Notifications: Set alerts for trend changes and channel breaks to avoid missing important price movements.
The Hermes Reg Fibonacci V.4 indicator, with its user-friendly interface and flexible parameters, can be effectively used in different market conditions. By customizing the indicator, you can tailor it to suit your trading strategy.
Overview
The Hermes Reg Fibonacci V.4 indicator is a versatile tool used for identifying market trends and channels. This indicator analyzes price movements using logarithmic regression and Fibonacci levels, helping users determine the direction of the trend and identify support/resistance levels.
Parameters and Inputs
Source: The price data to be used in the calculations of the indicator. The default is the close price.
Length: The period length for the calculations of the indicator. The default is 262 and the minimum value is 10.
Deviation Multiplier (devlen): Set to 1.6.
Extend Lines: Determines whether the lines should be extended to the right of the chart.
Show Fibonacci Levels: Determines whether Fibonacci levels should be displayed.
Show Broken Channel: Determines whether to display the broken channel lines.
Up Trend Color (upcol): The color of the uptrend line.
Down Trend Color (dncol): The color of the downtrend line.
Fibonacci Up Trend Color (fibupcol): The color of the Fibonacci uptrend line.
Fibonacci Down Trend Color (fibdncol): The color of the Fibonacci downtrend line.
Channel Line Width (widt): The width of the channel line.
Fibonacci Line Width (fibwidt): The width of the Fibonacci line.
Working Mechanism of the Indicator
Logarithmic Source and Regression Channel Calculations:
The indicator takes the logarithm of the price data and calculates the logarithmic regression channel.
It calculates the middle line of the channel, slope, and the starting and ending points.
The standard deviation and the upper/lower boundaries of the channel are determined.
Channel and Fibonacci Levels:
Depending on user preferences, channel lines and Fibonacci levels are drawn on the chart.
Channel lines and Fibonacci levels are dynamically updated based on the slope and price movement.
When the channel is broken, it is displayed with the specified color and style.
Trend Direction and Alert Conditions:
The direction of the trend is determined based on whether the slope is positive or negative.
Alert conditions are defined for trend changes and channel breaks.
Symbols indicating the trend direction are displayed on the chart.
Usage Recommendations
Trend Following: The Hermes Reg Fibonacci V.4 indicator can be used to determine the current trend direction and identify potential trend reversal points.
Support and Resistance Levels: The indicator helps identify support and resistance levels by observing how the price moves within the channel.
Fibonacci Analysis: Fibonacci levels can be used to identify potential retracement and extension points.
Alerts and Notifications: Set alerts for trend changes and channel breaks to avoid missing important price movements.
The Hermes Reg Fibonacci V.4 indicator, with its user-friendly interface and flexible parameters, can be effectively used in different market conditions. By customizing the indicator, you can tailor it to suit your trading strategy.
Aviso legal
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