Linear and Logarithmic Fibonacci Levels

The Linear and Logarithmic Fibonacci Levels indicator provides a comprehensive tool for plotting Fibonacci retracement and extension levels using both standard linear and proportionally equal logarithmic calculations without needing to adjust your global chart settings.

Usage

This tool is designed to mimic the standard TradingView Fibonacci Retracement tool for ease of use. Upon adding the indicator, you can select two reference points (Level 1 and Level 0) directly on the chart to establish the price range.

Key Applications:

• Volatile Assets: Use logarithmic levels for high-volatility instruments like Bitcoin ([symbol="BINANCE:BTCUSDT"]) or trending tech stocks ([symbol="NASDAQ:NVDA"]) where linear spacing may not accurately reflect percentage-based price movements.
• Inflationary Markets: Logarithmic levels are particularly useful in stock markets or currency pairs affected by high inflation or significant devaluations.
• Simultaneous Analysis: View both linear and logarithmic levels at the same time to identify "confluence zones" where both calculation methods align.

Details

The indicator calculates levels based on the distance between the user-defined Level 1 and Level 0.

• Linear Levels: The range is divided into equal price distances based on Fibonacci ratios (e.g., 0.236, 0.382, 0.618).
• Logarithmic Levels: The range is divided into proportionally equal distances. This is essential for long-term charts or assets with massive price swings, as it treats a move from 10 to 20 the same as a move from 100 to 200.

Unique to this tool is the ability to display logarithmic Fibonacci levels on a Linear Scale chart. Normally, TradingView requires you to switch the entire chart to Log scale to see logarithmic Fibs, which can disrupt other indicators, trend lines, and price alerts. This script bypasses that limitation.

Settings

Coordinates

• Level 1 / Level 0: Sets the price and time coordinates for the start and end of the Fibonacci range.

Style

• Extend Left/Right: Extends the Fibonacci lines across the chart.
• Linear/Logarithmic: Toggle the visibility, color, and line style (Solid, Dashed, Dotted) for each calculation type.
• Global Color: When enabled, applies a single color to all lines within a category rather than individual level colors.
• Show Trend Line: Displays the diagonal line connecting the two reference points.
• Labels: Customize font size, position (Left, Center, Right), and whether to show the Fibonacci ratio or the specific price.

Levels

• Fib Levels (0-15): Enable or disable specific ratios, define custom values, and assign individual colors to each level.

FAQ

How do I change the anchor points after placement? You can adjust the Level 1 and Level 0 coordinates in the "Coordinates" tab of the script settings or by re-selecting the inputs if "Confirm inputs" is enabled.

Can I set alerts on these levels? Yes, because this script draws lines on the chart without requiring the global chart scale to be logarithmic, you can use standard TradingView alert functionality on the price action relative to these levels.

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