Custom Fibonacci Channel By Pseudo

 

Calculate the Support levels (S1–S3)

These are extensions below the Down Fib level:

double s1 = lowerFibo - (range * 0.382); // S1 = Down Fib - 0.382 × range
double s2 = lowerFibo - (range * 0.618); // S2 = Down Fib - 0.618 × range
double s3 = lowerFibo - (range * 1.000); // S3 = Down Fib - 1.000 × range

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📊 Example Calculation

Let's say:

• prevDayHigh = 1.2000

• prevDayLow = 1.1900

• So range = 0.0100

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➤ Step-by-step:

Fibo Retracements:

• upperFibo = 1.2000 - (0.0100 × 0.618) = 1.2000 - 0.00618 = 1.19382

• lowerFibo = 1.1900 + (0.0100 × 0.618) = 1.1900 + 0.00618 = 1.19618

Resistance Levels:

• R1 = 1.19382 + (0.0100 × 0.382) = 1.19382 + 0.00382 = 1.19764

• R2 = 1.19382 + (0.0100 × 0.618) = 1.19382 + 0.00618 = 1.20000

• R3 = 1.19382 + (0.0100 × 1.000) = 1.19382 + 0.0100 = 1.20382

Support Levels:

• S1 = 1.19618 - (0.0100 × 0.382) = 1.19618 - 0.00382 = 1.19236

• S2 = 1.19618 - (0.0100 × 0.618) = 1.19618 - 0.00618 = 1.19000

• S3 = 1.19618 - (0.0100 × 1.000) = 1.19618 - 0.0100 = 1.18618

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🧠 Why Use This Method?

This is a custom extension-based support/resistance calculation that uses Fibonacci logic, but starts from the 0.618 retracement level rather than directly from the high/low.

It gives a more centered view of market reaction zones around the 61.8% retracement, with extensions plotted above and below that level.

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✅ Summary Table

Level	Formula
Up Fib	prevHigh - 0.618 × range
Down Fib	prevLow + 0.618 × range
R1	Up Fib + 0.382 × range
R2	Up Fib + 0.618 × range
R3	Up Fib + 1.000 × range
S1	Down Fib - 0.382 × range
S2	Down Fib - 0.618 × range
S3	Down Fib - 1.000 × range

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