Auto Fibonacci TP Levels

The Auto Fibonacci TP Levels [WJ] indicator automatically plots Fibonacci retracement and extension levels on the chart to identify potential take-profit zones, support, and resistance areas based on trade entry signals.

Usage

The indicator is designed to overlay Fibonacci levels automatically whenever a trade entry is detected from an external source. It is particularly useful for traders who want to visualize the "Golden Pocket" (0.618 and 0.65 levels) and determine risk-reward ratios dynamically.

• Trade Sourcing: You can link the indicator to up to two external signal sources (e.g., a long/short strategy script). The source should output a value of 1 for Longs and 2 for Shorts.
• Dynamic Retracements: Upon a signal, the script identifies the high or low of a user-defined historical lookback period to anchor the Fibonacci grid.
• Visualizing Targets: The levels act as automated take-profit (TP) zones. By default, levels disappear once touched by price action to keep the chart clean, unless configured otherwise.
• Golden Pocket Focus: Users can toggle a "Golden Pocket" only mode to focus specifically on the high-probability 0.618 and 0.65 levels.

Details

The script utilizes arrays to manage multiple Fibonacci levels and colors efficiently. It calculates the vertical distance between the entry point and the Fibonacci levels, providing a percentage difference label at the 0.618 level to help quantify potential moves. It also features logic to detect when a specific level has been crossed, marking the event with a label to signal potential trend reversals or target hits.

Settings

Trade Settings

• Trade Source 1 & 2: The input source from an external indicator (1 = Long, 2 = Short).
• Fib Start (Longs/Shorts): Defines the price source (High, Low, Open, Close) used as the starting point for the calculation.
• HH/LL Bars Back: The number of historical bars the script looks back to find the Highest High or Lowest Low for anchoring the Fibonacci levels.

Labels & Lines

• Fib 0.618 Distance from entry: Toggles the percentage and price distance label for the golden ratio.
• Fib Crossing: Enables labels that appear when the price intersects a specific Fibonacci level.
• Only Golden Pocket Levels: When enabled, simplifies the view to only show the 0.618 and 0.65 levels.

Fibonacci

• Fib Level 1-9: Customizable numerical values for the Fibonacci levels.
• Visibility Checkboxes: Toggle individual levels on or off.
• Color Pickers: Assign specific colors to each level for better visual organization.

FAQ

How do I use my own signals with this indicator?

You can link any script that plots a value of 1 for longs and 2 for shorts by selecting that script's output in the "Trade Source" inputs of this indicator.

Why are the Fibonacci lines disappearing?

The lines are programmed to stop once they have been "touched" or triggered by a candle to prevent chart clutter and indicate that a level has been reached.

How do I access Auto Fibonacci TP Levels [WJ]?

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