Auto Intraday Fibonacci Levels

The Auto Intraday Fibonacci Levels indicator automatically plots key Fibonacci retracement and extension levels based on the current day's price range to help traders identify intraday support and resistance zones.

Usage

The indicator can be used by intraday traders to find potential reversal points or breakout targets during the trading session.

• Support and Resistance: The standard Fibonacci ratios (0.236, 0.382, 0.5, 0.618, 0.786) act as dynamic intraday zones where price often finds temporary pauses or reversals.
• Price Targets: The extension levels (1.386, 1.618, 2.0) provide potential profit-taking targets or areas of interest if the price breaks out of the daily high/low range.
• Trend Context: The levels are anchored based on whether the current day's close is higher or lower than the open, aligning the Fibonacci sequence with the intraday trend direction.

Details

The script utilizes the request.security function to fetch daily (D) high, low, open, and close data. It calculates the total range (High - Low) and applies Fibonacci ratios to this distance.

A unique aspect of this implementation is its directional logic:

• If the daily close is above the open (bullish), the 0.0 level is set at the high and the 1.0 level at the low.
• If the daily close is below the open (bearish), the 0.0 level is set at the low and the 1.0 level at the high.

This ensures that the retracement levels are projected logically relative to the day's price action. The indicator is designed to only display on the most recent trading day to keep the chart clean.

Settings

This script uses hardcoded Fibonacci ratios and does not feature external input parameters for the levels themselves. The visual output includes:

• Fibonacci Levels: Plots for 0.0, 0.236, 0.382, 0.5, 0.618, 0.786, 1.0, 1.386, 1.618, and 2.0.
• Labels: Price labels are displayed on the right side of the chart for easy identification of the specific ratio.

FAQ

How do I access Auto Intraday Fibonacci Levels?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Does this indicator repaint?

The indicator uses barmerge.lookahead_on for daily data to ensure the levels are calculated using the current day's developing range. While the levels update as new highs or lows are formed during the day, the historical levels for the current session reflect the intraday progress.

Can I set alerts for specific levels?

Yes, the script includes built-in alert conditions that trigger whenever the price crosses any of the plotted Fibonacci levels.