QuantiX Fibonnaci Expansion

This implementation of Fibonacci expansion generates support and resistance levels. It returns two sets of outputs:

• uptrend levels: fibxut236, fibxut500, fibxut786, fibxut1000, fibxut1618

• downtrend levels: fibxdt236, fibxdt500, fibxdt786, fibxdt1000, fibxdt1618

The uptrend levels are used are potential resistance levels in an uptrend and the downtrend levels are potential support levels in a downtrend. These levels are generated using previous pivots ( two low pivots and one high pivot for downtrend levels and two high pivots and one low pivot for uptrend levels). The inputs of this function are:

• Timeframes: The timeframe(s) in which the function is applied

• Look Back Window Length: The number of candles the function considers in the past to find pivots

• Confirmation Lag: The number of candles the function waits to confirm a pivot; note that as this parameter becomes larger, the lag of the system also increases, but pivots become more reliable.

• High Pivots Source: The source used for finding high pivots

• Low Pivots Source: The source used for finding low pivots

• Output(s) Column Name(s): The names given to the outputs; the uptrend levels names start with fibxut and end with the Fibonacci coefficient the output is associated with. Likewise, the downtrend levels names start with fibxdt and end with the Fibonacci coefficient the output is associated with.