Auto Fibonacci V1.0

The Auto Fibonacci V1.0 indicator automatically calculates and plots Fibonacci retracement and extension levels based on the highest high and lowest low within a user-defined lookback period. It provides traders with an automated way to identify key support and resistance zones without manual drawing.

Usage

The tool is designed to identify potential reversal or continuation levels by tracking price action over a specific timeframe. For example, in an uptrend (where the high occurs after the low), the levels are calculated from the high to the low to find retracement points. In a downtrend (where the low occurs after the high), the levels are inverted accordingly.

Users can use these levels to:

• Identify potential entry points at the 50% or 61.8% "Golden Pocket" retracements.
• Set profit targets at the 161.8% extension level.
• Visualize the current trend direction based on the relative position of the period's extreme prices.

Details

The script evaluates the highest high and lowest low over the number of bars defined in the "Period" setting. It then determines the direction of the Fibonacci sequence by comparing the bar indices of these extremes. If the highest high occurred more recently than the lowest low, the trend is considered bullish for the purpose of the Fibonacci calculation; otherwise, it is considered bearish.

The indicator uses the trackprice parameter to project levels horizontally across the chart, ensuring that the current levels are always visible at the leading edge of price action.

Settings

• Period: Determines the number of bars used to calculate the highest high and lowest low for the Fibonacci levels. Adjusting this will shift the scale of the retracements.
• Ver retroceso 0%: Toggles the visibility of the 0% baseline.
• Show 23,6%: Toggles the visibility of the 23.6% retracement level.
• Show 38,2%: Toggles the visibility of the 38.2% retracement level.
• Show 50,0%: Toggles the visibility of the 50.0% retracement level.
• Show 61,8%: Toggles the visibility of the 61.8% retracement level.
• Show 78,6%: Toggles the visibility of the 78.6% retracement level.
• Show 100%: Toggles the visibility of the 100% level (the opposite extreme).
• Show 161.8%: Toggles the visibility of the 161.8% golden ratio extension level.

FAQ

How do I adjust the sensitivity of the levels?

You can modify the "Period" setting in the inputs. A larger number will look at a wider range of historical data, creating more significant "macro" levels, while a smaller number will respond to more recent price swings.

Can I use this for both long and short setups?

Yes, the indicator automatically detects if the recent trend within the lookback period is up or down and flips the Fibonacci levels to match the appropriate direction.

How can I access Auto Fibonacci V1.0?

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