Fibonacci Retracement Strategy Indicator Pinescript

These strategies are for demonstration purposes only and are not intended for actual trading. Saanmi Capital is not responsible for any profit or loss arising from the use of these sample strategies.

//@version=5
strategy(“Fibonacci Retracement Strategy”, overlay=true)

// Input parameters
fib_levels = input.bool(true, title=”Show Fibonacci Levels”)
n = input.int(20, title=”Number of Historical Candles”)

target_points = input.int(100, title=”Target Points”)
stop_loss_points = input.int(50, title=”Stop Loss Points”)

// Calculate Fibonacci levels
high_price = ta.highest(close, 20)
low_price = ta.lowest(close, 20)
range_ = high_price – low_price
fib618 = high_price – range_ * 0.618
fib382 = high_price – range_ * 0.382

// Strategy logic
long_condition = ta.crossover(close, fib618)
short_condition = ta.crossunder(close, fib382)

// Plot Fibonacci levels
plot(fib_levels ? fib618 : na , “61.8%”, color=color.blue, trackprice=true)
plot(fib_levels ? fib382 : na , “38.2%”, color=color.red, trackprice=true)

// Strategy entry and exit
if long_condition
strategy.entry(“Long”, strategy.long)
if short_condition
strategy.entry(“Short”, strategy.short)

// Calculate target and stop loss levels
long_target = strategy.position_avg_price + target_points
long_stop_loss = strategy.position_avg_price – stop_loss_points
short_target = strategy.position_avg_price – target_points
short_stop_loss = strategy.position_avg_price + stop_loss_points

// Strategy exit
strategy.exit(“Long Exit”, “Long”, limit=long_target, stop=long_stop_loss)
strategy.exit(“Short Exit”, “Short”, limit=short_target, stop=short_stop_loss)