Fibonacci Pivot Levels

The Fibonacci Pivot Levels indicator is a technical analysis tool that combines traditional Pivot Points with Fibonacci ratios to identify significant support and resistance zones. By analyzing price action within a user-defined period, the tool projects precise horizontal levels that help traders anticipate potential price reversals or breakout targets across various asset classes.

Usage

The Fibonacci Pivot Levels indicator provides a structured framework for identifying market bias and key price levels:

• Pivot Point (P): The central black line represents the core pivot. Price trading above this level generally suggests a bullish bias, while price below suggests a bearish bias.
• Support (S1–S10) & Resistance (R1–R10): These red and green levels are calculated using ten customizable Fibonacci ratios applied to the price range of the selected period.
• RSI Predictor: This feature forecasts potential overbought and oversold zones on the chart. It plots support and resistance lines based on three different RSI lengths, helping traders anticipate momentum shifts before they occur.
• Data Table: A dashboard in the top-right corner displays the lookback period dates, the highest and lowest prices detected, and the specific close value used for calculations.

Details

The script calculates levels based on the standard Pivot Point formula:

• Pivot (P) = (Highest + Lowest + Close) / 3
• Support (Sn) = P - (Fibonacci Rate × (Highest - Lowest))
• Resistance (Rn) = P + (Fibonacci Rate × (Highest - Lowest))

The tool allows users to define a specific start and end date for the calculation, making it highly adaptable for analyzing historical ranges or specific trading sessions. The RSI Predictor uses the Relative Strength Index (RSI) formula to solve for the price value required to reach specific overbought or oversold thresholds, providing "forward-looking" price levels.

Settings

General Settings

• Start Date / End Date: Defines the timeframe used to extract the High, Low, and Close prices for pivot calculations.
• Decimal Places: Adjusts the precision of price labels displayed on the chart.
• Use Close Value of End Date?: Determines whether the indicator uses the actual close of the end date or a custom value.
• Custom Close Value: Allows for manual entry of a close price if the previous setting is disabled.

Fibonacci Rates

• Rate 1–10: Customizable numeric inputs for the Fibonacci ratios used to plot the S/R levels (default values include 0.382, 0.618, 1.0, etc.).

RSI Predictor Settings

• Show RSI Calculations?: Toggles the visibility of the RSI predictor lines.
• RSI Source: The price source used for RSI calculations.
• RSI Length 1/2/3: The period lengths for the three different RSI calculations.
• Overbought/Oversold Levels: Customizable thresholds that define where the RSI predictor lines are plotted.

FAQ

How do I access Fibonacci Pivot Levels?

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

Can I change the Fibonacci ratios used?

Yes, the indicator allows you to customize all ten Fibonacci rates in the settings menu to align with your specific trading strategy.

What assets does this work on?

This indicator is compatible with any asset class available on TradingView, including Forex, Stocks, Crypto, and Commodities, as long as there is sufficient historical price data for the selected period.