Daily Session Fibonacci Levels

The Daily Session Fibonacci Levels indicator automatically plots Fibonacci retracement and extension levels based on session-specific high and low prices, providing traders with dynamic support and resistance zones.

Usage

The tool can be used to identify potential reversal points or trend continuation targets within specific time-based sessions. By default, it identifies the high and low of the "Daily" session and projects Fibonacci levels across the chart.

Users can:

• Identify Intraday Levels: Use lower timeframe session settings (e.g., 60 Min or 4 Hr) to see how price reacts to Fibonacci levels within shorter trading windows.
• Analyze Historical Context: The indicator can display labels for a set number of prior sessions, allowing you to see how previous Fibonacci levels act as support or resistance in the current session.
• Customize Visualization: Toggle specific levels on or off to clean up the chart. For a minimal look, the "Mid & Fills Only" setting hides all lines except the 50% level while maintaining background fills.

Details

The script calculates Fibonacci levels based on the range (High - Low) of a defined session. The levels are anchored to the start and end time of each session. It supports two primary calculation modes:

• Calendar: Anchors sessions to natural calendar boundaries like the start of a week or month.
• Fixed-Interval: Uses specific time spans starting from the first available bar or a custom anchor point, which is useful for assets that do not follow standard exchange hours.
• Custom Start: Allows users to manually place an anchor line on the chart to start session calculations from a specific event or date.

Settings

Session Settings

• Session Type: Determines the duration of the session (e.g., 15 Min, Daily, Weekly).
• Custom Interval (Days): Sets the number of days for the "Custom" session type.
• Mode: Choose between Calendar or Fixed-Interval logic.
• Offset: Shifts the session start time forward or backward.
• Session Lines: Toggles vertical lines indicating session boundaries.

Custom Start

• Use Custom Start: Overrides standard boundaries with a user-defined starting point.
• Time: The specific date and time for the custom anchor.
• Anchor Line: Visual toggle and styling for the custom start line.

Prior & Current Session

• Show Labels: Toggles text labels for prior or current session levels.
• Percentages/Prices: Choose to display the Fibonacci percentage, the raw price, or both in the labels.
• # Sessions: Controls how many historical sessions display their labels.
• Mid & Fills Only: Hides all lines except the 0.5 (50%) level.

Fibonacci Levels

• Ext+ / Ext-: Extension levels (e.g., 1.618 or -0.382) for identifying targets beyond the session range.
• Levels 1-7: Standard retracement levels (0%, 23.6%, 38.2%, 50%, 61.8%, 78.6%, 100%).
• Value/Color/Width: Individual customization for every Fibonacci level.
• Fills: Toggles background shading between specific level zones and allows for theme selection (e.g., Vaporwave, Money, Ice Cream).

FAQ

How do I change the session time?

You can adjust the "Session Type" in the Session Settings group to switch between intraday, daily, or macro timeframes.

Can I see Fibonacci levels for yesterday?

Yes, by enabling "Show Prior Labels" and increasing the "# Sessions" count, the indicator will display levels for previous sessions.

How can I access Daily Session Fibonacci Levels?

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