Color indicator of linear Fibonacci channels for the RSI indicator. It is used for making trading decisions and analyzing market sentiment. The boundaries of the channel/channels represent strong support/resistance levels, since they are the levels of the Fibonacci proportions.

Through the input parameters, the user is given the opportunity to choose the number of channel boundary lines displayed on the chart.

Possible applications of the indicator are shown in the screenshots. The middle of the channel is shown in blue. The channel boundaries are shown in their colors in pairs for each corresponding Fibonacci extension.

The indicator can be used for manual or automatic trading as part of an Expert Advisor. For automatic trading, the readings of the indicator buffer of the double type can be used:

The indicator buffer readings related to linear channels should not be zero.

Indicator buffer readings related to the RSI indicator should not be equal to EMPTY_VALUE.

• true – yes.
• false – no.

• true – yes.
• false – no.

• true – yes.
• false – no.