Overview:
Hey fellow traders! If you're like me and constantly on the lookout to streamline your trading process, let me introduce you to QuickFib. This nifty indicator automatically updates your Fibonacci study by tracking the lowest low and the highest high in the currently visible section of your chart. It’s a game-changer for price action traders who are always adjusting their fibs to reflect new highs and lows.
QuickFib doesn’t just stop there. It also draws two lines: one connecting the highest high to the point that creates the steepest trend-line slope, and the opposite for the support line. This visual aid can really help in understanding the market structure at a glance.
But wait, there’s more! The indicator highlights a rectangle that shows the amount of the move that has not been retraced since the last highest high or lowest low. This feature is especially handy when you're only viewing the right-most part of your chart—whether it's due to overlapping charts or simply dragging your view off-screen. You can quickly see how much retracement has happened without needing to scroll back through all those candles. Plus, if you prefer not to see this feature, you can easily toggle it off by changing the external variable DrawRetracementBlocks to false.
Overall, QuickFib gives you a solid understanding of the recent price action for the pair you’re trading.
Key Points to Consider:
- When the price hits a new high or low, the indicator waits for the bar to close before updating the fibs and trend lines. For trend-line breaks, it actually waits for two bars. This gives you a chance to observe a breakout in real-time, which is super helpful for spotting breakout-pullback entries.
- The indicator updates in a "lazy" manner, meaning that objects are deleted and redrawn for each tick. While this could be optimized further, the current setup has a minimal resource drain on your computer, making it efficient as is.
- Pro Tip: If you haven’t already, try toggling on the chart shift feature. Click the icon with the small red left-pointed arrow. Adding extra space to the right of your chart can help you visualize future price action and give your mind a comfortable buffer to anticipate potential movements.
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