This indicator displays the Fibonacci ratio using high and low prices of previous week
Bold dotted lines is high and low prices
The other dotted lines is the level values you can set.
You can use Fibonacci strategies with this indicator.
This indicator can be set to any of 19 values.
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The VB RS indicator will plot dot lines that represent the swing points based on the swing length input(number of bars to the left and right of the swing point).
Swing highs and lows can be used by traders to identify possible areas of support and resistance , which can then be used to determine optimal positions for stop-loss or profit target orders.