The Fibonacci spiral is a game-changer for traders, stemming from the fascinating Fibonacci sequence. Many traders swear by it as the go-to tool for predicting market behavior, and it’s not just a theory—it’s evident in nature as well, from seashells to flower petals, and even in the vastness of galaxies.
What is the Fibonacci Spiral?
This unique spiral grows from the center, expanding in the Fibonacci ratio of 1.618, known as the golden ratio. Each complete turn of the spiral increases its size according to this ratio.
How to Use the Fibonacci Spiral Indicator
Our Fibonacci spiral indicator is designed to plot this golden spiral on your trading charts. It’s user-friendly and adaptable, but you need to understand its initial settings:
- Radius: This is the initial radius for drawing the spiral.
- Golden Spiral Cycle: This parameter indicates how many cycles the spiral completes before it grows according to the golden ratio (default is set to 1).
- Clockwise Spiral: If set to true, the spiral will plot clockwise; if false, it will plot counterclockwise.
- Spiral Colors: Customize your spiral with different colors using spiralColor1 and spiralColor2.
Once the indicator is initialized, it will draw a square along with the spiral. If the square isn’t scaled correctly, you can adjust it, and the spiral will update on the next price tick. Keep resizing the square until you achieve the perfect spiral shape.
I hope you find this indicator as useful as I do. Happy trading!
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