Session Fibonacci Tracker with Dynamic Range Freeze

The Session Fibonacci Tracker with Dynamic Range Freeze indicator plots Fibonacci retracement and extension levels based on session high/low ranges while utilizing a unique "freeze" mechanism to maintain stable reference levels during high volatility.

Usage

The Usage section describes how the script provides stable reference points during the trading day. Unlike traditional Fibonacci tools that constantly adjust as new highs or lows are made, this tool locks the levels once a trend begins.

• Stable Reference Levels: Traders can use the frozen levels as consistent areas of support or resistance for entries, exits, and stop-loss placement during trending moves.
• Dynamic Anchoring: The tool automatically determines the direction of the Fibonacci grid based on the price relationship to the session open. If price is above the open, the 0 anchor is set at the high; if below, the 0 anchor is set at the low.
• Volatility Handling: When price closes outside the established session range, the levels "freeze," allowing traders to see where original retracement targets sit even as price reaches new extremes.

Details

The indicator follows a three-stage execution logic to ensure levels remain relevant:

1. Range Establishment: At the user-defined session start time (defaulting to 18:00 ET), the tool begins tracking the session's extremes.
2. Freeze Mechanism: If a candle closes outside the initial range, the Fibonacci levels lock. This prevents the "shifting goalposts" effect often seen in standard Fibonacci indicators during a trending market.
3. Recalculation: The levels only update and "unfreeze" if price action (high or low) returns to touch the previously established range. Upon returning, the levels recalculate based on the absolute session highs and lows before potentially freezing again.

Settings

Session Settings

• Session Start Hour (24h): Sets the hour of the session start in New York time.
• Session Start Minute: Sets the minute of the session start.

Fibonacci Levels

• Show Retracement Levels (0-1): Toggles the visibility of retracement levels.
• Enable/Value (0.236 - 0.786): Individual toggles and value inputs for specific retracement levels.

Extension Levels

• Show Extension Levels: Toggles the visibility of extension levels.
• Enable/Value (-1.0 - 2.0): Individual toggles and value inputs for specific extension levels, including negative extensions.

Visual Settings

• Extend Lines (bars): Determines how many bars into the future the levels are projected.
• Line Width: Adjusts the thickness of the Fibonacci lines.
• Show Labels: Toggles the text labels for each level.
• Show Prices on Labels: Adds the specific price value to the text labels.
• Show Info Table: Displays a dashboard showing session open, price position, and the current freeze status.

Colors

• Open Line/Zero Level/1.0 Level/Retracement/Extension: Customizable color pickers for every visual component of the indicator.

FAQ

How do I know if the levels are currently frozen? You can enable the "Show Info Table" in the settings, which displays the current "Freeze Status." If it says "FROZEN," the levels are locked despite new highs or lows; if "ACTIVE," they are still adjusting to the session range.

Can I use this for different trading sessions? Yes, you can adjust the "Session Start Hour" and "Minute" in the settings to align with the specific market session you trade (e.g., London Open or New York Open).

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