Scalping Signals with MTF Fibo Bands

This indicator is a scalping / intraday signal system built on Multi-Timeframe (MTF) Fibonacci Bands, combined with an RSI midline filter and an optional direction-lock mechanism to reduce consecutive losing entries.

🔹 What does this indicator do?

It plots two independent Fibonacci Band sets (A & B), each calculated from a higher timeframe SMA + ATR.

Entry zones are defined between Band 2 and Band 3, representing statistically extreme price areas.

You can choose to generate signals from:

Band A only

Band B only

BOTH (A + B confirmation)

📈 Entry Logic

LONG

Price closes inside the Lower Zone (between Fib2 Lower & Fib3 Lower)

RSI is above the midline (default 50)

SHORT

Price closes inside the Upper Zone (between Fib2 Upper & Fib3 Upper)

RSI is below the midline (default 50)

🟧 Direction Lock System

If enabled, the indicator locks the trade direction when a position hits Stop Loss before reaching TP1.
This prevents repeated entries in the same direction during unfavorable conditions.

🔓 Unlock Logic

The lock can be removed when:

RSI crosses back over the midline (RSI > 50 for LONG, RSI < 50 for SHORT)

AND price closes again inside the valid Band 2–3 zone

With the optional setting enabled, a new entry can occur on the same candle

🛑 Stop Loss Logic (Important)

This indicator uses price-action-based stop logic, not fixed pip stops.

1️⃣ Before TP1

LONG: Two consecutive candle closes below Fib3 Lower

SHORT: Two consecutive candle closes above Fib3 Upper

⚠️ Because SL depends on candle closes, you must monitor lower timeframes (1m or below) to react quickly and avoid delayed exits.

2️⃣ After TP1 (Break-Even Protection)

Once TP1 is touched:

SL automatically shifts to Break-Even (entry price)

Any return to entry will close the position

⚠️ Usage Warning

This indicator is NOT designed for sharp, explosive, or news-driven moves

Avoid using it during:

High-impact news

Extremely fast impulsive candles

Sudden volatility spikes

Best performance is achieved in structured price action environments, not chaotic market conditions.