FTC Fibonacci Higher Time Frame Levels.

FTC_Fibo_HTF_levels.ex4 

This indicator comes from a method released by Tom Signano.
His method uses propriatary Fibonacci levels and I do not 
share those levels in this indicator. But the indicator is great
at showing you where the price will top, reverse or hesitate. 
According to Tom, banks use this method and that is why the price 
is so responsive to these lines. 

Most of the levels used in his method
are ordinary fibonacci levels and even his special levels are close to
the standard values. This indicator uses standard values but if you know
his values, you can enter them into the indicator. 

This indicator takes a bar on a higher timeframe
and uses the range (high to low) of that bar as a reference, call it R. 
It then draws lines based on fibo levels multiplied by that R. 

We draw a line at each fibo level above and below the opening price of the 
HTF bar. And those lines extend across many bars at our trading timeframe. 
When a bar closes and a new bar opens on the HTF, the lines move forward to 
lie on a new bar. 

You can also scroll backward and see the lines update. This allows you to see 
how it operated in the past.  The width of the lines is the size of a bar on 
the higher time frame. If the market is open, the incoming ticks will update the lines as you scroll backward, but if the market is closed, you will need to hit 
"refresh" to update the lines after you scroll to a new location. 

The black dashed line is the zero line and the opening price of the HTF bar. 
The two black solid lines are the +100 and -100 lines that represent a change of
one full R range.  The blue lines are the positive fibo levels and the red lines 
are the negative fibo levels. 

Look for price to acknowledge these lines. When two bars stop or hesitate at a line, it often will reverse.  There is no way to know which line will stop 
the price but it is highly likely to stop on a line rather than between lines. 
You need to draw in horizontal S&R lines and when those lines are close to a fibo level, price may acknowledge the S&R line rather than the fibo line. 

If you trade the M5 or M15 you can set the HTF to 240 ( h4) or 1440 ( daily) and 
the resulting lines will streatch over many bars on your trading chart.  

The indicator only runs once when a new bar opens, so it does not load down your computer.