Fibonacci + XABCD Formation v1.0

The Fibonacci + XABCD Formation v1.0 indicator identifies the most recent significant swing structures to automatically plot comprehensive Fibonacci extension levels and project potential harmonic XABCD patterns. This tool provides a complete visual framework for identifying key support and resistance levels alongside price targets derived from recent impulse moves.

Usage

The tool is designed to assist traders in identifying market structure and target levels based on Fibonacci theory.

• Swing Detection: The indicator automatically identifies Point X (swing low) and Point A (swing high) within a user-defined lookback period.
• Fibonacci Analysis: Once the XA leg is established, the script plots 18 different Fibonacci levels, which can be used to identify potential retracement or extension zones.
• Harmonic Projection: The script identifies a B-point retracement (typically at the 0.382 or 0.5 levels) and projects a "C" target. This projection follows a classic price symmetry model (XA=BC), providing a visual representation of where an upward move might exhaust.
• Real-time Monitoring: An on-screen information table displays the exact price values for the X, A, B, and C points, allowing for quick reference during fast-moving market conditions.

Details

The script executes a multi-step calculation process:

1. Lookback Scan: It scans the user-defined "Lookback Bars" to find the absolute lowest price (X).
2. Sequential High: It searches for the highest high (A) that occurs strictly after Point X.
3. Dynamic B Point: Point B is dynamically assigned based on current price action relative to the 0.382 and 0.5 Fibonacci retracements. If price is above the 0.5 level, that level is highlighted as the primary support; otherwise, the 0.382 level is used.
4. Target Projection: The C target is calculated by taking the price range of the XA leg and adding it to the B point value.

Settings

Fibonacci Levels

• Show Levels (0.0 - 4.618): Toggle the visibility of 17 individual Fibonacci retracement and extension levels.
• Level Colors: Customize the color for each specific Fibonacci level.

XABCD

• Show XABCD Formation: Enables or disables the drawing of the harmonic leg connections.
• Line Customization: Adjust the color and thickness of the XA and AB lines.
• Show C Target: Toggles the visibility of the projected C target price level.
• C Target Color: Sets the color for the projected target line and labels.

Appearance

• Lookback Bars: Determines the number of historical bars scanned to find the X and A points.
• Line Style: Choose between Solid, Dashed, or Dotted lines for Fibonacci levels.
• Show Price/Percent Tickets: Toggles the display of price values on the right and percentage labels on the left.
• Extend Lines: Options to extend Fibonacci levels to the left, right, or both.

FAQ

How do I use the C Target?

The C target represents a potential price objective where the current move might reach resistance, based on the magnitude of the initial XA impulse added to the retracement point B.

Why does Point B change?

Point B is dynamic; it updates between the 0.382 and 0.5 retracement levels depending on which level is currently acting as the active support for the price action.

How can I access Fibonacci + XABCD Formation v1.0?

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