Easy Fibonacci

The Easy Fibonacci tool calculates and plots customizable Fibonacci retracement levels based on a user-defined lookback period, providing dynamic visual feedback on price action relative to key ratios.

Usage

The indicator can be used to identify potential support and resistance levels by analyzing the range between historical highs and lows. Traders can define the specific range by adjusting the "Bar Start" and "Bar End" settings, which determine the high and low points used for the Fibonacci calculation.

The tool dynamically changes the color of the Fibonacci lines and labels based on whether the current price is above or below the specific level. This provides an immediate visual cue for trend direction relative to the retracement levels. For example, if the price is above the 50% level, the line may appear green (depending on settings), whereas dropping below it would trigger a color shift to red.

Details

The script identifies the absolute high and low within the specified bar range. It then applies a scaling factor to these extremes, allowing users to expand or contract the total range of the Fibonacci grid. The levels are calculated as a percentage of the difference between these scaled extremes.

Unlike standard static Fibonacci tools, this script includes "Source" inputs for fine-tuning what price data (High, Low, or HL2) determines the grid and what price data is used to check for level crossings. This makes it highly adaptable to different trading styles, such as using wick extremes for the grid but closing prices for crossing detection.

Settings

Sources

• Source check crossing: The price source used to determine if a level has been crossed.
• Source fibb high: The source used to find the maximum price in the range.
• Source fibb low: The source used to find the minimum price in the range.

Barsback / Scale

• Bar Start: The starting point (in bars back) for the lookback range.
• Bar End: The ending point (in bars back) for the lookback range.
• Scale Min/Max: Multipliers applied to the range's low and high to adjust the total vertical scale.

Fibb Levels

• Fibb Min/Max: The baseline (0%) and top (100%) percentage levels.
• Fibb A-E: Five customizable intermediate Fibonacci percentage levels (defaulted to 23.6, 38.2, 50.0, 61.8, and 78.6).

Behaviour

• Extend lines: Options to extend the horizontal Fibonacci lines to the left, right, or both.
• Label offset: Adjusts the horizontal position of the price/percentage labels.
• Base colors: Customization for the visual output based on price position relative to the levels.

FAQ

How can I access Easy Fibonacci?

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

Can I change the specific Fibonacci percentages?

Yes, you can modify any of the seven percentage levels in the "Fibb Levels" section of the settings menu to suit your strategy.

Does the script support alerts?

Yes, the indicator includes multiple alert conditions for price crossing, being above, or being below any of the calculated Fibonacci levels.