
Key Features:
Adjustable Historical Data Range: Choose the number of bars back to analyze, with options for both short-term and long-term analysis.
Customizable Grid Width: Adjust the width of the diamond grid to align with major Fibonacci trendlines in the chart.
Source Selection: Select the price source (e.g., close) for the analysis.
Trendline Detection: Use Auto Trend lines to automatically detect and draw Fibonacci-based trendlines, providing a more precise view of potential trend reversals and extensions.
The Background Diamond Grids Indicator offers a sophisticated approach to technical analysis, aligning with the strategies used by institutional and algorithmic traders. By focusing on Fibonacci trend lines instead of conventional horizontal and vertical lines, this indicator empowers traders to make more informed and accurate trading decisions.