HiLo Daily Fibonacci R1

The HiLo Daily Fibonacci R1 indicator automatically plots Fibonacci retracement and extension levels based on the previous session's high and low prices to identify potential support and resistance zones.

Usage

The tool is designed to provide traders with automated horizontal levels derived from the previous day's price action. By setting the 100% level at the previous high and the 0% level at the previous low, the indicator project internal retracements and external extensions.

• Internal Levels (0% - 100%): Displayed in blue, these levels represent standard retracement zones within the previous day's range.
• Upper Extensions (100% - 200%+): Displayed in green, these levels indicate potential resistance zones if the price breaks above the previous day's high.
• Lower Extensions (-100% - 0%): Displayed in red, these levels indicate potential support zones if the price breaks below the previous day's low.

Traders can use these levels for price target identification or as areas to watch for reversals. The indicator also supports historical plotting to review how past levels interacted with price.

Details

The script uses the request.security function to fetch the high and low prices from a specified anchor timeframe (defaulting to Daily). It then calculates the range (High - Low) and applies standard Fibonacci coefficients (0.236, 0.382, 0.5, 0.618, 0.764) to this range to project levels both within and outside the original boundaries.

The implementation includes logic to detect session changes, ensuring that levels reset accurately at the start of each new period based on the selected resolution.

Settings

• Auto Timeframe: When enabled, the script automatically selects an appropriate anchor timeframe based on the current chart resolution.
• Timeframe For Fibonacci Levels: Defines the specific timeframe (e.g., 1D, 1W) used to calculate the High and Low points for the Fibonacci levels.
• Only show most recent pivotal set: When checked, the indicator will only display the levels for the current active period, hiding historical lines.
• Show extended Fib Levels on current pivotal set: Enables the display of further extension levels (e.g., 223.6%, 250%, 300%) for the most recent session.

FAQ

How do I use the HiLo Daily Fibonacci R1?

You can use the levels as dynamic support and resistance. Often, the 50% (0.5) level acts as a significant pivot point for intraday trend direction.

Can I use this on different timeframes?

Yes, while it is optimized for Daily levels on intraday charts, you can change the "Timeframe For Fibonacci Levels" setting to Weekly (1W) or Monthly (1M) to see higher-order levels.

How can I access this tool?

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