Fibonacci Auto Retracement & HTF candles Reference

The Fibonacci Auto Retracement & HTF candles Reference indicator provides a comprehensive visualization of price structure by overlaying dynamic Fibonacci levels and higher timeframe (HTF) candle data onto your current chart. It aims to help traders identify key support and resistance zones, daily ranges, and multi-timeframe price action without the need to switch tabs or charts.

Usage

The Usage section focuses on how to interpret the visual elements for day trading or swing trading. The Fibonacci levels are automatically projected based on the user-defined daily range, adjusting dynamically as price creates new highs or lows.

• Intraday Analysis: Use the HTF candle reference to see the price action of a larger timeframe (e.g., 2-hour or Daily) while trading on a 1-minute or 5-minute chart.
• Fibonacci Confluence: Identify retracement zones (23.6%, 38.2%, 50%, 61.8%, 78.6%) to find high-probability entry points during a trend.
• Range Trading: The indicator tracks the high and low of a specified number of previous days (up to 7), providing clear targets for breakouts or mean reversion.

Details

The script utilizes request.security to fetch data from higher timeframes. The Fibonacci calculations are "dynamic," meaning they automatically flip orientation based on whether the price has crossed the bottom or top of the current session's range. This ensures that the 0% and 100% anchors remain relevant to the current directional bias. The HTF candles are rendered using Pine Script's drawing objects (boxes and lines) and are positioned with a horizontal offset to keep the current price action visible.

Settings

Fibonacci Settings

• Number of Previous days for Range: Determines how many historical days are used to calculate the session range (0-7).
• Label Text Size: Adjusts the font size of the Fibonacci level labels.
• Label Background Transparency: Sets the opacity of the label backgrounds.
• Fibonacci Line Color: Customizes the color of the retracement lines.
• Label Offset: Controls how many bars to the right the labels are positioned.
• Show 0% / 100% Level: Toggles the visibility of the anchor range lines.

Higher Timeframe Candles

• Show HTF Candles: Toggles the display of the HTF candle overlays.
• Timeframe: Selects the timeframe for the HTF candles (e.g., 60, 120, 240, D).
• Number of HTF Candles: Sets how many historical HTF candles are displayed on the side.
• Body/Wick Colors: Individual color and transparency settings for bullish and bearish HTF candles.

Location Settings

• Horizontal Offset: Adjusts the positioning of the HTF candle display relative to the current bar.

FAQ

How do I use the HTF candles to confirm a trade?

You can look for candle closures on the HTF display; for example, if the HTF candle is strongly bullish while price sits at a 61.8% Fibonacci retracement on your local timeframe, it may provide a confluence for a long position.

Why do the Fibonacci levels shift automatically?

The script is programmed to detect whether the price is currently trending toward the upper or lower boundary of the range. If the bottom is crossed, the Fibonacci sequence flips to align with a bearish retracement perspective, and vice versa.

How can I access Fibonacci Auto Retracement & HTF candles Reference?

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