Fibo Levels with Volume Profile and Targets

The Fibo Levels with Volume Profile and Targets indicator combines Fibonacci retracement levels with volume-based analytics to identify key support/resistance zones and potential price trajectories.

Usage

The indicator provides a comprehensive view of market structure by overlaying Fibonacci levels with a localized volume profile. Traders can use it to identify where significant trading activity occurs relative to mathematical price levels.

• Fibonacci Levels: Displays three prominent levels on either side of the current price, acting as dynamic support and resistance.
• Volume Profile Integration: Calculates volume for every bar within the Fibonacci range, highlighting price levels with the highest concentration of trading activity.
• Possible Target Arrow: An innovative feature that compares bullish and bearish volume. If bull volume exceeds bear volume, an arrow indicates a potential bullish target, and vice versa.
• Point of Control (POC): Identifies and highlights the price level with the highest volume within the analyzed range, often acting as a magnet or a significant breakout point.

Details

The script calculates Fibonacci levels based on a user-selected higher timeframe. It integrates a volume distribution algorithm that segments volume into specific price "bins" between the calculated Fibonacci boundaries. This allows the tool to determine not just the price level, but the "weight" behind that level based on actual market participation. The target logic uses a relative comparison of buy and sell volume to project the most likely directional movement toward specific Fibonacci extensions.

Settings

Main Core Settings

• Fibo Timeframe: Sets the timeframe used for Fibonacci calculations (e.g., Daily, Weekly, Monthly).
• Volume Type: Choose between showing Bearish, Bullish, or Total volume in the profile boxes.
• Volume Levels: Adjusts the granularity of the volume profile by setting the number of price bins.

Visuals Settings

• Show Volume: Toggles the visibility of the volume profile boxes.
• Show Levels: Enables or disables the display of the Fibonacci horizontal zones.
• Show Target: Toggles the "Possible Target" arrow and label.
• Show POC: Displays the Point of Control (highest volume level) highlight.

FAQ

How do I use the volume data to confirm a trade? Look for price levels where high volume profile bars coincide with Fibonacci levels; these represent high-probability support or resistance zones.

What does the "Possible Target" arrow indicate? The arrow indicates a projected target based on the current balance of bullish vs. bearish volume within the Fibonacci range.

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