Automatic Fibonacci Pivot Point S/R Levels

The Automatic Fibonacci Pivot Point S/R Levels indicator provides a multi-timeframe framework for identifying support and resistance zones based on Fibonacci-derived pivot points. It dynamically shifts level displays based on the current price action, ensuring that traders see the most relevant confluence zones across yearly, monthly, and weekly horizons without cluttering the chart.

Usage

This tool is designed to highlight key institutional levels across various timeframes. The indicator automatically filters which levels are visible based on your current chart interval:

• Yearly Pivots: Visible on 1-minute to Daily timeframes; recalculated daily.
• Monthly Pivots: Visible on 1-minute to 60-minute timeframes; recalculated hourly.
• Weekly Pivots: Visible on 1-minute to 15-minute timeframes; recalculated every 30 minutes.

The "dynamic" nature of the script means that as price moves between two Fibonacci levels, the lines will shift to show the immediate floor and ceiling (Support and Resistance) for that specific price bracket. This is particularly useful for scalpers and day traders looking for intraday confluence between long-term structural levels.

Details

The script utilizes standard and extended Fibonacci ratios to calculate pivot levels from the High, Low, and Close (HLC) of higher timeframes. The ratios used include:

• Standard: 23.6%, 38.2%, 50%, 61.8%, 76.4%, 100%
• Extended: 127.2%, 141.4%, 161.8%, 200%

The implementation uses request.security to fetch data from Yearly (12M), Monthly (1M), and Weekly (1W) intervals. It includes logic to prevent label overlapping and ensures that only the relevant S/R boundaries for the current price action are rendered, reducing visual noise.

Settings

• Year Line Color: Sets the color for yearly support and resistance levels.
• Month Line Color: Sets the color for monthly support and resistance levels.
• Resistance Line Color: Sets the color for weekly support and resistance levels.
• Line Style: Allows users to choose between "solid" and "dashed" line representations for the levels.

FAQ

How do I interpret the different levels on my chart? The levels are labeled by timeframe (Week, Month, Year) and Fibonacci ratio. When price is between two lines, the upper line acts as dynamic resistance and the lower as dynamic support.

Why do some lines disappear when I change my timeframe? The script includes built-in filters to ensure that high-timeframe levels (like Yearly) don't overwhelm short-term charts, and vice versa. It only shows the levels most relevant to the volatility expected at your current zoom level.

How can I access the Automatic Fibonacci Pivot Point S/R Levels? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.