This technical analysis is utilising Fibonacci retracement to determine BUY/SELL signal. There are 2 modes with this TA: Standard Fibonacci or RSI Fibonacci.

On Standard Fibonacci, the high/low values and trend are determined by the highest/lowest value found within FiboCandleCount. Once high/low values are determined, bot will then specify the Fibonacci ranges. It then produces BUY/SELL signal based on the following logic:

• When current price goes beyond 50% retracement heading for 61.8% and more, it is assumed that price will reverse, thus a reverse signal is produced. For example, when chart is trending down, an upward retracement will eventually happen. When an upward retracement happens and it hits 50% or more, it is assumed that price will then reverse back down. In this instance, bot will place SELL.
• Otherwise, when price is not yet reaching 61.8%, bot will place BUY/SELL depending on which direction price breaches. Say, chart is trending down, and price is currently sitting between 23.6% and 38.2%. When price finally breaches 38.2%, it will place SELL. If price goes back up and breaches 23.6%, it will place BUY.

On RSI Fibonacci, the high/low Fibonacci values are determined by the candle which RSI touched upper and lower limit at that time. The upper and lower limit of the RSI can be configured under the Technical Analysis – RSI section. Once high/low is established, bot will then create the Fibonacci ranges. To enable RSI Fibonacci, tick the UseFiboOnRSI.

On RSI Fibo mode, there is no 50%-61.8% logic like the Standard Fibonacci. Rather, it will place BUY/SELL when price breaches the Fibo range.