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Fibonacci VIP

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Fibonacci VIP (Fibonacci Volume Indicator Precision) is a volume indicator that I made to help me have precise entry and exit timing. It's based on the well known Fibonacci sequence 8, 13, 21, 34, 55, 89...

The default colors I like to use can be changed to whatever you want. The numbers inputted are based on volume EMA .

Bullish momentum in ascending order is 21 = white, 13 = blue, 8 = green. Bearish momentum descending order is 89 = red, 55 = yellow, 34 = purple. Also, there's a zero gray dotted line and high / low dashed channel line, to help keep momentum in perspective.

The most bullish signal is when all colors are in a top down order green, blue, white, purple, yellow, red. The most bearish signal is when all colors are reversed and have a bottom up order of green, blue, white, purple, yellow, red.

Also, a crossover, cross-under, divergence or convergence of these colors, help signal the future price action. For example, green crossing over red is bullish , green crossing under red is bearish .

If colors are low / below the zero line that's bearish and if they are above the zero line, that's bullish.

The Fibonacci VIP works great with the ADL indicator as a second redundant confirmation of the underlying securities momentum.

Good luck and happy trading friends...

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*updated
1) added a 7th fastest ema 5 volume
2) made default base ema 89 line thicker

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ema5 volume histogram

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ema 89 v default line thickness
ema 5 v default histogram color

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Default line colors

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input tweak = ohlc4

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added +2 hlines with default color