Fibonacci Auto Trend Scouter

The Fibonacci Auto Trend Scouter indicator automatically identifies and plots active trends across two different timeframes alongside Fibonacci support and resistance levels to provide a comprehensive view of market structure.

Usage

The Usage section describes how the script can be used to visualize trend direction and potential reversal zones. The tool is designed to provide multi-timeframe analysis by projecting trends and Fibonacci levels based on historical price extremes.

Automatic Trend Lines

The indicator monitors two distinct timeframes (Short and Long) to detect high and low values. It then draws trend lines connecting these points.

• Trend Identification: Lines are color-coded to represent uptrends or downtrends based on the slope of the line.
• Customization: Users can toggle line extensions, modify styles (Solid, Dashed, Dotted), and enable labels for specific data points.

Automatic Trend Sights

The "Sight" feature provides a visual guide for current price momentum relative to the established trends. It draws a line from the midpoint of the trend coordinates directly toward the current price, helping traders gauge if price is deviating from or adhering to the current trend path.

Automatic Fibonacci Levels

The tool automatically detects the highest and lowest values within the selected short-term timeframe to calculate standard Fibonacci retracement and extension levels.

• Support and Resistance: Levels are visually categorized as support or resistance and can be colored accordingly.
• Interactive Tooltips: Small triangle labels appear at the edge of each line; hovering over these reveals the specific Fibonacci ratio and the corresponding price data.
• Clean Interface: Users can adjust the length of the level lines to prevent chart clutter while maintaining visibility of key technical areas.

Details

The script utilizes high/low detection algorithms to define the boundaries of the trends. By looking at "Long" and "Short" lengths (defaulting to 21 and 8 respectively), it establishes a hierarchy of market structure. The Fibonacci calculations are performed dynamically, meaning as new price extremes are reached, the levels shift to reflect the most recent market range. The "Custom Trend" group allows for advanced users to create trend lines connecting specific points across different timeframes (e.g., connecting a Long-term midpoint to a Short-term midpoint).

Settings

Trend Settings

• Source data: Determines the price data used for calculations (e.g., hlc3, close).
• Trend Coords: Choose between using the "Source" data or specific "High/Low" price extremes for trend plotting.
• Length (Long/Short): Defines the lookback period for detecting trend extremes.
• HH/LL Labels: Toggles visibility for Higher High and Lower Low labels on the chart.

Short/Long Trend Appearance

• Top/Bottom From/To: Sets the anchor points for the trend lines (Front, Mid, or Back of the detected range).
• Line Style/Width: Adjusts the visual weight and pattern of the trend lines.
• Extend: Toggles the projection of trend lines into the future.
• Sight: Toggles the "Sight" line feature for the specific timeframe.
• Colors: Configures specific colors for uptrends, downtrends, and default states.

Higher TF Levels

• Show Plot/Label: Toggles visibility for three different Higher Timeframe (HTF) reference levels.
• Timeframe: Sets the specific timeframe for each HTF level (e.g., 360m, 720m, 1D).
• Source/Length: Defines the input and lookback for HTF calculations.

Fibonacci Settings

• Show Source Line/Labels: Toggles the visibility of the 0 and 1 (100%) Fibonacci anchor lines.
• Coloring Style: Choose between "Multi" (unique colors per ratio), "Kind" (support/resistance coloring), or "Default".
• Fib Ratios (0 through 1): Individual color pickers for each standard Fibonacci level.
• Active/Inactive Style: Sets different line styles for levels currently being tested versus those that are further from price.

FAQ

How do I interpret the Trend Sights? The Trend Sight line points from the center of a trend's historical range toward the current price. If the line is steep, it indicates strong current momentum relative to that timeframe's structure.

Can I change the Fibonacci levels used? The script follows standard Fibonacci ratios (.236, .382, .50, .618, .786). While the colors and visibility can be customized, the ratios are mathematically anchored to the detected High/Low range.

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