HTF Candle Breakout Fibonacci Levels
May 30, 2025
The HTF Candle Breakout Fibonacci Levels indicator automatically plots Fibonacci retracement levels on a lower timeframe when a breakout is detected on a selected higher timeframe.
Usage
The indicator identifies moments when a higher timeframe (HTF) candle closes above the high or below the low of the previous HTF candle. Once this breakout condition is met, the tool projects Fibonacci levels based on the breakout candle's range.
Key usage scenarios include:
- Trend Retracements: Use the projected levels to identify potential entry points during a pullback following an HTF breakout.
- Contextual Analysis: Keep track of higher timeframe structure while trading on lower timeframes (LTF) to ensure alignment with the broader trend.
- Live Monitoring: The "Show Only The Last Levels" setting ensures that only the most recent relevant levels are visible, reducing chart clutter during live trading.
Details
The script functions by requesting data from a user-defined higher timeframe. It specifically looks for a "one-bar breakout" where the close of the current HTF candle exceeds the extremes of the prior one. When this occurs, the script calculates the Fibonacci sequence across that specific candle's price range.
A unique feature of this tool is the "HTF Candles Preview," which renders the last three candles of the selected higher timeframe as vertical bars on the right side of the chart. This provides a visual representation of HTF momentum without needing to switch chart tabs.
Settings
Timeframe
- Timeframe: Sets the higher timeframe (HTF) used for breakout detection and level calculation (e.g., Daily, 4-Hour).
Levels
- Fibonacci Levels (0-6): Enable or disable specific Fibonacci ratios and customize their associated colors.
- Show Only The Last Levels: When enabled, the script deletes previous Fibonacci sets and only displays the levels from the most recent breakout.
HTF Candles
- Show HTF Candles: Toggles the visibility of the three live HTF candle previews on the right edge of the chart.
- Show HTF Open Times: Highlights the opening time of new HTF candles with a vertical background color.
- Bullish/Bearish Color: Customizes the colors for the HTF candle preview.
FAQ
How do I use the HTF Candle Breakout Fibonacci Levels?
To use this tool, select a higher timeframe in the settings (like Daily) while viewing a lower timeframe (like 15m). The indicator will automatically draw levels whenever a Daily candle breaks its previous high or low.
Why are the levels not appearing on my chart?
Ensure that your current chart timeframe is lower than the timeframe selected in the indicator settings. If the chart timeframe is equal to or higher than the HTF setting, the script cannot calculate the sub-period levels.
Where can I find more tools like this?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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