Fibonacci Level Screener

Description

The Fibonacci Level Screener in Amibroker is a powerful tool designed for traders who utilize Fibonacci retracement and extension levels to identify potential trading opportunities. Built with AFL (Amibroker Formula Language), this Fibonacci Screener allows traders to automatically scan multiple stocks or assets and pinpoint those approaching critical Fibonacci levels.

Using AFL, the Fibonacci Level Screener calculates and highlights prices near Fibonacci retracement or extension levels, such as 23.6%,38.2%, 50%, 61.8%, and 78.6%. Traders can customize the Fibonacci Screener to set specific levels based on personal strategies, making it a flexible and valuable tool in Amibroker. For example, a trader can modify the AFL code to screen stocks that have retraced to the 61.8% level, allowing for faster decision-making.

In addition to retracement levels, the Fibonacci Screener can also be configured to scan for stocks hitting extension levels, which are popular among traders seeking potential targets for profits. The AFL code in Amibroker facilitates seamless scanning across multiple assets, enabling efficient market analysis. For instance, traders may use the screener to detect reversals or identify pullback opportunities that are aligned with Fibonacci levels.

Customization is a core strength of Amibroker’s Fibonacci Screener. Advanced users can modify the AFL to include alerts, combine additional indicators, or filter results based on volume, trend strength, or moving averages. This customization enhances the functionality of the Fibonacci Screener, allowing it to be tailored to both novice and experienced traders.