Fibonacci levels MTF

The Fibonacci levels MTF indicator automatically calculates and projects Fibonacci retracement levels from higher time frame price action onto lower time frame charts to identify significant multi-timeframe support and resistance zones.

Usage

The Usage section describes how the script can be used to identify key price levels based on historical or current market structure from a selected higher time frame.

Multi-Timeframe Analysis

Users can select a specific "Higher Time Frame" (such as Daily, Weekly, or Monthly) to anchor the Fibonacci calculations. This allows scalp and day traders to view major institutional levels without switching chart views.

Anchor Selection

The tool provides two modes for level calculation:

• Last: Uses the completed high and low of the previous higher time frame candle to project levels into the current period.
• Current: Dynamically updates the Fibonacci levels based on the developing high and low of the active higher time frame candle.

Visual Integration

For better context, the script can display the higher time frame candles directly on the chart background using boxes. This helps traders visualize the range from which the Fibonacci levels are derived.

Details

The script executes by tracking the high, low, open, and close of a user-defined higher time frame. The Fibonacci levels are calculated based on the price direction of the reference candle:

• If the reference candle is bullish (Close > Open), the levels are projected from High - (Range * Level).
• If the reference candle is bearish (Open > Close), the levels are projected from Low + (Range * Level).

The indicator includes a label system on the right side of the chart that displays both the Fibonacci ratio and the specific price value of that level.

Settings

General Settings

• Higher Time Frame: Specifies the time frame used for Fibonacci calculations (e.g., D, W, M).
• Current or Last HTF Candle: Determines if levels are based on the previous closed HTF bar or the current live bar.
• Price Labels: Toggles the visibility of price and ratio labels on the right axis.
• Show HTF Candles: Enables a background visualization of the selected higher time frame bars.
• Up/Down/Wick Color: Customizes the visual appearance of the background HTF candles.

Fibonacci Levels

• Level 0-8 (Enable/Value/Color): Each of the 9 available levels can be individually toggled, assigned a specific Fibonacci ratio (e.g., 0.382, 0.618), and assigned a unique color for better chart organization.

FAQ

How do I interpret the "Last" vs "Current" setting? The "Last" setting is used for static levels based on completed data, while the "Current" setting allows the Fibonacci grid to expand or contract as the higher time frame makes new highs or lows.

Can I use these levels for automated alerts? Yes, the script includes built-in alert logic that triggers whenever the price crosses any of the enabled multi-timeframe Fibonacci levels.

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