Fibonacci Auto Mode

The Fibonacci Auto Mode indicator automatically identifies and plots key Fibonacci retracement levels based on price action from a user-defined higher timeframe. It provides traders with a dynamic way to visualize potential support and resistance zones without manual drawing.

Usage

The tool is primarily used to identify "Reload Zones" (RLZ), which are specific areas where price might reverse or consolidate. By selecting a higher timeframe (e.g., Weekly or Daily), the script finds the highest high and lowest low over a set number of bars to establish the Fibonacci range.

If the most recent high occurred before the most recent low, the script assumes a downward trend and calculates retracements from the low. Conversely, if the low occurred before the high, it assumes an uptrend and calculates levels from the high. Traders can use the highlighted Reload Zone (between 61.8% and 78.6%) and the Extended Reload Zone (between 78.6% and 88.6%) to find high-probability entry or exit points.

Details

The script utilizes the request.security function to fetch data from a higher timeframe, ensuring that the Fibonacci levels remain consistent even when viewing lower timeframe charts. It calculates the range (High - Low) and determines the trend direction by comparing the bars since the highest high and lowest low. This logic allows the levels to adapt automatically as new peaks or troughs are formed on the higher timeframe.

Settings

• Time Frame to find Highs/Lows: Sets the higher timeframe used to calculate the Fibonacci range (e.g., 1W, 1D, 4H).
• Number of Bars to use in Higher TF: Determines how many bars back on the higher timeframe the script looks to find the absolute high and low.
• Show High/Low Levels: Toggles the visibility of the anchor high and low price lines.
• Show Fib Levels (38.2, 50, 61.8, 78.6, 88.6): Individual toggles to show or hide specific retracement levels.
• Highlight Reload Zone: Enables a background fill between the 61.8% and 78.6% levels.
• Highlight Extended Reload Zone: Enables a background fill between the 78.6% and 88.6% levels.
• RLZ Transparency: Adjusts the opacity of the zone highlights.

FAQ

How do I access Fibonacci Auto Mode?

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

Why do the levels move?

The levels are tied to the highest high and lowest low of the selected higher timeframe. As price makes new extremes within the lookback period, the Fibonacci range updates automatically.

Can I use this for intraday trading?

Yes, by setting the "Time Frame to find Highs/Lows" to a daily or 4-hour setting, you can view significant institutional levels while trading on 1-minute or 5-minute charts.