FIBONACCI PREVIOUS ANALYSIS

The Fibonacci Previous Analysis indicator provides a comprehensive toolkit for analyzing historical price levels and their corresponding Fibonacci retracements to identify high-probability entry and exit zones. By projecting previous highs, lows, and current open levels across customizable timeframes, this tool helps traders visualize market structure and potential reversal points.

Usage

The Usage section focuses on how to leverage historical price data for market analysis. Traders can use this tool to plot previous high and low levels from weekly, monthly, or custom user-defined intervals (such as daily or hourly).

• Level Analysis: Use the Previous High and Previous Low levels as horizontal support and resistance.
• Fibonacci Projections: Select a specific Fibonacci level or a group of levels (e.g., "Kill_Markets" or "Sniper" presets) to identify zones between the previous high and low.
• Open Price Tracking: Monitor the current open level of the selected timeframe to gauge intraday or intra-week sentiment.
• Distance Metrics: Labels provide real-time data on the absolute and percentage distance between the current price and the plotted levels.

Details

This script utilizes the request.security function to fetch historical data from higher timeframes. It features a custom Fibonacci function that calculates a wide array of retracement and extension levels:

• Standard retracements: 38.2%, 50.0%, 61.8%, 78.6%, 88.6%.
• Internal/Sniper levels: 11.4%, 21.4%.
• Extensions: -27.0%, -61.8%, 127.0%, 161.8%.

The distance calculation function (fDist) ensures that the labels dynamically update to show how far the market is from key historical benchmarks.

Settings

Main Settings

• # Of Previous: Determines how many periods back to look for the high/low levels (e.g., 1 for the immediate past period).
• USER DEFINITION OF TIME: Sets the timeframe used for all calculations (e.g., Weekly, Monthly).
• Daily USER DEF Open: Toggles the display of the opening price for the selected timeframe.
• Prev USER DEF High/Low: Toggles the visibility of the previous period's high and low prices.

Fibonacci & Visuals

• Fibonacci Selector: Chooses which Fibonacci levels to display (options include individual levels or presets like "Kill_Markets" and "Sniper").
• Fibonacci Color: Customizes the color of the Fibonacci plots and labels.
• LockBack Settings: Determines if the indicator plots data for all history or a specific lookback period.
• Labels: Enables or disables the informative price labels.
• Label Offset: Adjusts the horizontal distance of labels from the current price bar.

FAQ

How do I use the Fibonacci Selector presets?

The "Kill_Markets" and "Sniper" presets are designed to highlight specific clusters of Fibonacci levels often used in institutional trading strategies to find "sweet spot" retracements.

Can I set alerts for these levels?

Yes, the script includes built-in alert conditions that trigger when the price crosses the Previous High or Previous Low levels.

How do I access Fibonacci Previous Analysis?

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