Shows Fibonacci waves for a long range and Fibonacci lines for a short range. For me it helps to identify key levels or confluence on the macro and micro range.
In the example above you can clearly see that the macro waves are in a down-trend while the micro lines are in a up-trend.. Also the price has been rejected at the 78.6 fib mirco line but found support on the 78.6 macro wave. these situations are hard to find with the default retracement tools
Sorry guys, the description does not match the chart anymore because i updated the script today. I don't know how to edit it, so if someone could help me with that?