Visible Fibonacci

The Visible Fibonacci indicator provides an automated solution for displaying Fibonacci retracement and extension levels based on the price action currently visible on the chart. By dynamically recalculating as users pan or zoom, the tool ensures that the identified support and resistance levels are always relevant to the current viewing range, offering a more efficient alternative to manual drawing tools.

Usage

The script offers two primary methods for calculating Fibonacci levels:

• Visible Chart Range: This mode identifies the absolute highest and lowest price points within the bars currently displayed on your screen. It automatically adjusts the 0% and 100% levels to these extremes.
• Visible Zig Zag: This mode uses a Zig Zag algorithm to identify historical pivot points within the visible range. Users can specify which pivot (e.g., the nth last pivot) to use as the anchor for the Fibonacci calculation.

Traders can use these levels to identify potential reversal zones or price targets. The indicator includes options to extend lines to real-time price action, modify line styles, and toggle specific Fibonacci ratios.

Details

The indicator relies on the Fibonacci sequence and the Golden Ratio (1.618) to project potential market movements. Retracements are typically calculated using ratios like 0.236, 0.382, 0.618, and 0.786, while extensions use 1.272, 1.618, and beyond.

The script's execution utilizes the chart.left_visible_bar_time and chart.right_visible_bar_time variables to determine the boundaries of the calculation. For the Zig Zag method, a "Pivot Length" setting determines how the script filters minor price noise to identify significant local highs and lows. If "Detect additional pivots" is enabled, the script will force a pivot point if a new trend isn't established within a certain number of bars, ensuring the Zig Zag remains responsive.

Settings

General & Zig Zag

• Fib calculation type: Selects between using the absolute high/low of the visible range or Zig Zag pivots.
• Show Zig Zag: Toggles the visibility of the underlying Zig Zag lines.
• Detect additional pivots: Allows the script to find extra pivots if the price remains stagnant for longer than the pivot length.
• Pivot length: The lookback period used to identify local highs and lows.
• nth last pivot: Determines which historical pivot in the visible range is used for the Fibonacci calculation.

Fib Levels

• Extend to real time: Extends the level lines to the current price bar.
• Extend lines right/left: Globally extends all horizontal Fibonacci levels across the chart.
• Trend line: Toggles the visibility of the diagonal line connecting the two anchor points.
• Level lines: A comprehensive list of ratios where users can enable/disable specific levels and customize their colors and values.

FAQ

How do I access Visible Fibonacci?

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

Why do the levels move when I zoom out?

Because the indicator is set to "Visible" mode, zooming out introduces new data points (higher highs or lower lows) into the calculation range, causing the script to automatically update the levels to reflect the new visible extremes.

Can I use my own custom Fibonacci ratios?

Yes, the Settings menu allows you to manually input custom numerical values for the Fibonacci levels if the default ratios do not suit your strategy.