The Fibonacci spiral is one of the greatest tools produced by the amazing Fibonacci sequence and numbers. It is considered by many traders to be the ultimate tool for predicting human behaviour in the financial markets. The formation of a Fibonacci spiral can even be seen in nature on shells, petals of flowers, seed heads, the arrangement of leaves and stems, and even in galaxies.
Fibonacci spiral is a special spiral that grows from the centre in the Fibonacci ratio 1.618, which is also called the golden ratio. Every time the spiral makes a full turn it extends itself by Fibonacci ratio.
This indicator will plot the Fibonacci golden spiral on the chart. It is very easy and very flexible to use, however you have understood the initial settings before you use it.
– radius: is the initial radius for drawing the spiral.
– goldenSpiralCycle: this parameter represents how many cycles or turns has the spiral to go before it is increased by the golden ratio. (default is: 1)
– clockwise spiral: when true the indicator will plot a clockwise spiral and when it is false it will plot a counterclockwise spiral.
-spiralColor1, spiralColor2: the colours of the plotted spiral.
After the indicator initializes it will draw a square and a spiral. If the square is not correctly scaled you can resize it and the spiral will be redrawn on the next coming price tick. You should rescale the square until you get the desired shape for the spiral.