Fibonacci Archer Box

The Fibonacci Archer Box indicator tool provides a comprehensive Fibonacci-based charting environment that automatically plots retracement levels, time lines, fan lines, and angles based on detected pivot points. By automating the placement of complex Fibonacci structures, it helps traders identify key price targets and temporal zones where market reversals or continuations are likely to occur.

Usage

The indicator functions by identifying zig-zag patterns based on user-defined pivot criteria. Once a valid pivot structure is found, the tool projects a "box" containing multiple Fibonacci components.

Traders can use the script to:

• Identify Targets: Set specific price/time targets (e.g., the 0.618 level) to visualize potential exit or entry zones.
• Analyze Time & Price: Use the intersection of time lines and retracement levels to find "confluence" points.
• Trend Filtering: Configure the indicator to only show bullish patterns (higher lows/lower lows) or bearish patterns (higher highs/lower highs).
• Size Filtering: Filter out boxes that are too small or too large by adjusting the minimum and maximum size settings to focus on significant market moves.

Details

Unlike traditional Gann Boxes which often use fixed divisions like eighths or thirds, the Fibonacci Archer Box strictly adheres to Fibonacci ratios (0.236, 0.382, 0.5, 0.618, 0.786, 1.0). This distinction is intentional, as the script aims to provide a tool focused purely on the Golden Ratio and its derivatives rather than the specific methodologies of W.D. Gann.

The script utilizes a lookback and lookforward mechanism to confirm pivot points using either candle wicks or bodies. When these pivots meet the range requirements, the indicator draws the chosen Fibonacci features, including "Fans" (diagonal lines) and "Angles" (curved trend components).

Settings

Pivot & Reversal Settings

• Pivot Style: Choose between using candle "Wick" or "Body" for pivot detection.
• Pivot Lookback/Forward: Adjust the number of bars required to confirm a local high or low.
• Maximum/Minimum Size: Define the price range limits for a box to be valid.
• Direction: Select whether to plot Bullish, Bearish, or Both types of boxes.
• History: Determine how many historical boxes remain visible on the chart.

Feature Visibility

• Fibonacci Retracement Levels: Toggle the horizontal price levels (0 to 1).
• Fibonacci Time Lines: Toggle the vertical time-based intervals.
• Fibonacci Fan/Angles: Enable or disable diagonal fan lines and curved angle projections.
• Targets: Enable up to three customizable target zones based on X (time) and Y (price) Fibonacci coordinates.

Visual & Markers

• Show Fibonacci Level Crosses: Displays colored dots when price interacts with a level.
• Show Target Hit: Displays a cross marker when price reaches a defined target zone.
• Visual Groups: Customize colors and transparency for fills (levels, time, fans, and angles).

FAQ

How do I adjust the sensitivity of the box detection? You can modify the Pivot Lookback and Lookforward settings. Higher values will result in fewer, more significant boxes, while lower values will capture smaller market fluctuations.

Can I change the target levels? Yes, in the Targets section of the settings, you can define the specific Fibonacci ratios for both the time (X) and price (Y) axes for three different targets.

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