Fibonacci Pivots Monthly and Weekly Full (no history)
Dec 15, 2020
The Fibonacci Pivots Monthly and Weekly Full (no history) indicator provides a dual-timeframe perspective by calculating and plotting pivot levels based on previous monthly and weekly price action using Fibonacci ratios. This tool is designed to identify key horizontal levels of interest, support, and resistance without cluttering the chart with historical data.
Usage
The indicator can be used to identify potential turning points or breakout zones within the market. Since it plots both Monthly and Weekly levels simultaneously, traders can look for "confluence zones" where both timeframes align, often indicating stronger levels of support or resistance.
- Monthly Levels: Longer-term institutional levels derived from the previous month's high, low, and close.
- Weekly Levels: Medium-term levels that provide intraday and swing trading targets based on the previous week's volatility.
Details
The script uses a standard Pivot Point calculation for the central pivot (P): $P = (High + Low + Close) / 3$
The subsequent support (S) and resistance (R) levels are calculated by applying specific Fibonacci ratios (0.236, 0.382, 0.5, 0.618, 0.786, 0.886, 1.0, and 1.127/1.272) to the previous period's range (High - Low).
Key implementation details:
- Real-time updates: The script draws lines that extend into the future bars but cleans up previous period drawings to maintain a clean workspace.
- Visual Distinction: Different colors and line styles (solid vs. dotted) are used to distinguish between the various Fibonacci retracement/extension levels.
Settings
- Monthly Color: Sets the color for all monthly pivot, support, and resistance lines and labels.
- Weekly Color: Sets the color for all weekly pivot, support, and resistance lines and labels.
FAQ
How do I use the Fibonacci Pivots Monthly and Weekly Full (no history) indicator?
Simply add it to your chart to see the current month and week's Fibonacci-based levels. These levels act as potential price targets or areas where price might stall or reverse.
Why does it not show historical levels?
This specific version is optimized for current market analysis. It removes historical lines to ensure the chart remains clean and focused on the active trading ranges.
Where can I access this script?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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