Auto Fibonacci

The Auto Fibonacci indicator automatically plots Fibonacci retracement levels based on dynamic price action, high/low analysis, and trend interpretation to help traders identify key support and resistance zones.

Usage

The Usage section describes how the script can be used to identify potential market turning points. Traders can use the automated levels to:

• Identify Support & Resistance: The plotted lines represent hidden levels where price may find stability or face rejection.
• Entry and Exit Points: Breakthroughs or bounces from specific Fibonacci levels can serve as triggers for entering or exiting trades.
• Stop Placement: The levels provide logical areas for placing stop-loss orders.
• Trend Context: The tool automatically adjusts the direction of the Fibonacci sequence based on the underlying trend, ensuring the levels remain relevant to current market conditions.

Details

The indicator utilizes a custom pivot detection algorithm based on price deviation and lookback depth. By analyzing these pivots, the script determines the current market structure and calculates the range between significant highs and lows. It then overlays a series of Fibonacci ratios—such as 0.382, 0.618, and 1.0—over this range. The implementation also features trend-tracking logic that flips the orientation of the Fibonacci retracement (upward or downward) based on price momentum relative to identified pivots.

Settings

Pivot Settings

• Source: The price data used for calculations (default is Close).
• Deviation: A multiplier affecting how much price must move from a previous pivot to create a new one.
• Depth: The minimum number of bars required between pivots to be considered valid.

UI Settings

• Color All Lines: When enabled, applies a single uniform color to all active Fibonacci levels.
• Line Offset (Right/Left): Controls the visual positioning and length of the lines on the chart.
• Fibonacci Levels (0.000 to 2.618): A comprehensive list of toggles allowing users to enable specific levels, define custom ratio values, and assign individual colors.

FAQ

How do I access Auto Fibonacci?

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

Can I customize the Fibonacci ratios?

Yes, the settings menu allows you to modify the numerical value of each Fibonacci level to fit your specific trading strategy.

Does the indicator repaint?

The indicator uses historical pivot data; however, the levels will adjust dynamically as new pivots are confirmed based on the Deviation and Depth parameters.