CDC Fibonacci Retracement and Extension

The CDC Fibonacci Retracement and Extension indicator provides a automated way to identify key Fibonacci levels across multiple charts within a specific date range. By allowing users to define a fixed calculation period, it ensures consistency when comparing price action and retracement depths across different assets.

Usage

To use the CDC Fibonacci Retracement and Extension tool, follow these steps:

1. Define the Range: Set the "Start Date" and "End Date" in the settings to determine the lookback period for finding the high and low price points.
2. Toggle Open-Ended Mode: If "Open ended?" is enabled, the indicator will disregard the end date and continue calculating levels based on the highest high and lowest low from the start date to the current bar.
3. Choose Price Source: Select whether to use the absolute High/Low of the bars or the Closing prices for the Fibonacci calculations.
4. Analyze Levels: The indicator will plot retracement levels (calculated from the identified range) and projection levels (calculated from a base price point).

Details

This script identifies the maximum price range within a user-defined session. Unlike standard Fibonacci tools that require manual anchoring, this tool automates the process based on time. It calculates two sets of levels:

• Retracement Levels: Derived from the highest and lowest points within the selected session.
• Projection Levels: Calculated by applying Fibonacci ratios to the price range and adding them to a projection base (typically the low at the end of the session).

The visual output includes dynamic fills that highlight when price enters specific Fibonacci zones, aiding in the identification of support and resistance.

Settings

Date and Data Setup

• Start Date: The beginning of the calculation period.
• End Date: The conclusion of the calculation period (if not open-ended).
• Open ended?: When enabled, the calculation extends to the most recent bar.
• Use High/Low?: Toggles between using bar extremes or closing prices for calculations.
• Show Labels: Enables or disables the price and percentage labels on the chart.

Retracement Levels

• Retracement LV1-LV6: Customizable Fibonacci ratios for retracement levels.
• show: Toggles the visibility of specific retracement lines.
• Color: Customizes the color for each retracement level and its associated fill.

Projection Levels

• Projection LV1-LV6: Customizable Fibonacci ratios for price projections/extensions.
• show: Toggles the visibility of specific projection lines.
• Color: Customizes the color for each projection level and its associated fill.

Retracement Level Labels Setup

• Labels Precision: Adjusts the number of decimal places shown on price labels (2 to 8).

FAQ

How do I access CDC Fibonacci Retracement and Extension?

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

Can I use this for intraday trading?

Yes, by adjusting the Start and End dates, you can isolate specific trading sessions or days to find intraday Fibonacci levels.

What is the difference between Retracement and Projection in this tool?

Retracements are internal levels within the high-low range of the selected period, while Projections are external levels projected upward from a base point to forecast potential future targets.