Auto Fibonacci Retracement (Labeled Swings, Rounded Prices)

The Auto Fibonacci Retracement (Labeled Swings, Rounded Prices) indicator automatically identifies significant market structure by detecting the most recent confirmed swing highs and lows to plot dynamic Fibonacci retracement levels.

Usage

This tool is designed to simplify the identification of potential support and resistance zones based on Fibonacci ratios.

• Swing Identification: The script monitors price action to find confirmed pivot points based on the user-defined length.
• Level Analysis: Traders can use the displayed retracement lines (0%, 23.6%, 38.2%, 50%, 61.8%, 78.6%, and 100%) to anticipate pullbacks or trend continuations.
• Trend Context: The indicator automatically adjusts its orientation based on whether the most recent swing high occurred before or after the most recent swing low, providing context for both bullish and bearish market structures.
• Clarity: Each level is accompanied by a label showing both the percentage and the rounded price, facilitating quick decision-making.

Details

The script utilizes the ta.pivothigh and ta.pivotlow functions to ensure that levels are only drawn based on confirmed market structure. This implementation follows strict non-repainting logic; Fibonacci levels are only updated once a pivot is fully confirmed by the specified number of bars (Pivot Length) on both sides. This ensures that the levels seen on the chart are based on historical confirmation rather than real-time "guessing."

Settings

Swings

• Pivot Length (Swings): Determines the number of bars required on either side of a high or low to confirm a pivot. Higher values identify major market structures, while lower values pick up smaller fluctuations.

Levels

• Show 0% Level (Swing Low): Toggles the visibility of the 0% retracement baseline.
• Show 23.6% Level: Toggles the visibility of the 23.6% Fibonacci level.
• Show 38.2% Level: Toggles the visibility of the 38.2% Fibonacci level.
• Show 50% Level: Toggles the visibility of the 50% retracement level.
• Show 61.8% Level: Toggles the visibility of the 61.8% Fibonacci level.
• Show 78.6% Level: Toggles the visibility of the 78.6% Fibonacci level.
• Show 100% Level (Swing High): Toggles the visibility of the 100% retracement anchor.

Visuals

• Fibo Line Color: Sets the color for all displayed Fibonacci lines.
• Fibo Line Width: Adjusts the thickness of the lines (1 to 5).
• Line Style: Selects between Solid, Dashed, or Dotted line representations.
• Label Size: Changes the size of the price and percentage labels on the chart.

FAQ

How do I access the Auto Fibonacci Retracement (Labeled Swings, Rounded Prices)?

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

Does this indicator repaint?

No, the indicator uses confirmed pivot points based on the "Pivot Length" setting, meaning levels only appear or move once the price action has satisfied the confirmation criteria.

Can I use this on any timeframe?

Yes, the indicator is compatible with all timeframes. On lower timeframes, it will highlight local retracements, while on higher timeframes, it will show significant macro levels.