Auto Fib Support / Resistance Levels

The Auto Fib Support / Resistance Levels indicator automatically plots dynamic support and resistance lines based on Fibonacci sequence lookback periods to help traders identify key price pivot zones across multiple timeframes.

Usage

The Usage section describes how the script can be used, particularly for identifying price levels that may act as barriers or magnets for price action. By using five distinct Fibonacci-based lookback periods (23, 38, 50, 61, and 78), the tool highlights varying degrees of market significance.

Traders can use the thicker 50% and 78% lines as primary levels of interest for potential reversals or breakouts. Since each pair of support and resistance lines is color-coded and projected horizontally across the chart, they serve as visual benchmarks for current price action. For example, if price is approaching the 78% Resistance line (Red), a trader might look for signs of exhaustion or a breakout confirmation.

Details

This script utilizes the ta.pivothigh() and ta.pivotlow() functions to detect significant price peaks and troughs. The uniqueness of this implementation lies in the use of Fibonacci numbers as the "lookback" or "left/right strength" parameters for these pivots.

When a pivot is identified within the specified Fibonacci window, the script records that price level and extends it as a horizontal line using the trackprice=true plotting property. This ensures that the most recent significant support and resistance levels are always visible on the right side of the chart, regardless of how much time has passed since the pivot was formed.

Settings

The settings allow for full customization of the lookback windows used to calculate the pivots:

• # of Candles to Look Back (23%): Sets the pivot strength and lookback for the first pair of lines.
• # of Candles to Look Back (38%): Sets the pivot strength and lookback for the second pair of lines.
• # of Candles to Look Back (50%): Sets the pivot strength and lookback for the third (thicker) pair of lines.
• # of Candles to Look Back (61%): Sets the pivot strength and lookback for the fourth pair of lines.
• # of Candles to Look Back (78%): Sets the pivot strength and lookback for the fifth (thicker) pair of lines.

FAQ

How do I access Auto Fib Support / Resistance 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 colors of the lines?

Yes, you can modify the colors and line thicknesses directly within the "Style" tab of the indicator settings menu in TradingView.

Does this indicator provide alerts?

Yes, the script includes built-in alert conditions for price crossing over resistance or under support for all five Fibonacci levels, allowing you to stay informed of key level breaches.