Fibonacci IntraDay Range

The Fibonacci IntraDay Range indicator identifies significant intraday support and resistance levels by projecting Fibonacci ratios based on historical average price volatility.

Usage

At the beginning of each trading day, the indicator calculates the average total range of a specified lookback period (default is 14 days). This average range is then applied to the current day's opening price to project potential boundaries. Key Fibonacci levels are drawn between the opening price and the calculated average range to provide traders with localized price targets and reversal zones.

Traders can use these levels to:

• Identify Support/Resistance: Treat the projected Fibonacci lines as dynamic zones where price may stall or reverse.
• Target Setting: Use the 100% average range level as a logical take-profit area for intraday trend following.
• Breakout Monitoring: Monitor how price reacts to the current day's open in relation to the projected upper and lower bands.

Details

The script functions by capturing the high and low of previous sessions to build a collection of daily ranges. Once the average is determined, it projects the following Fibonacci ratios from the daily open: 23.8%, 38.2%, 50%, 61.8%, 76.4%, 100%, 138.2%, and 161.8%. The 100% level represents the full Average Day High or Average Day Low. The indicator includes alert functionality for price crossovers at the 100% range boundaries.

Settings

Configuration

• Display Mode: Controls how many historical days of levels are displayed on the chart (Today, Two Days, Week, All, or Hidden).
• Days to Load: Sets the lookback period used to calculate the average daily range.

Label Settings

• Show Labels: Toggles the visibility of text labels for each level.
• Font Size: Adjusts the size of the label text.
• Text Alignment: Sets the horizontal and vertical positioning of labels relative to the lines.

Line Settings

• Line Width: Adjusts the thickness of the projected level lines.
• Line Style: Changes the appearance of lines (Dashed, Solid, or Dotted).

Fibonacci Levels

• Enable/Color (Various): Individual toggles and color pickers for the Current Day Open and specific Fibonacci ratios (23.8% through 161.8%).

FAQ

How are the levels calculated?

The indicator takes the average of the "High - Low" for the last 14 days and projects that distance upward and downward from the current day's opening price, subdivided by Fibonacci ratios.

Can I use this on any timeframe?

While the script is designed for intraday analysis, it functions best on minute-based timeframes (1m, 5m, 15m, etc.) to visualize the daily projections clearly.

How do I access Fibonacci IntraDay Range?

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