Auto Fibonacci with .88

The Auto Fibonacci with .88 indicator automatically plots Fibonacci retracement levels on the chart based on detected pivot points, including a specialized 0.88 level for deep retracement analysis. It is designed to streamline technical analysis by dynamically updating levels and providing integrated alerting for key price tests.

Usage

The script can be used to identify potential entry points during market pullbacks. Users can toggle between "Find entry Long" or "Find entry Short" modes depending on their current market bias.

• Long Setup: When the script detects a higher pivot high, it draws Fibonacci levels from the previous low to that high.
• Short Setup: When the script detects a lower pivot low, it draws Fibonacci levels from the previous high to that low.
• Price Interaction: Use the displayed levels (0.382, 0.5, 0.618, 0.786, and 0.88) to find areas of interest where price may react or reverse.

Details

The indicator utilizes pivot high and pivot low detection logic to determine the anchor points for the Fibonacci sequences.

• Pivot Logic: It looks for a specific number of bars to the left and right of a price point to confirm it as a swing high or low.
• Trendline Calculation: It calculates the slope and Y-intercept of lines connecting recent pivots to project support and resistance trendlines.
• The 0.88 Level: This specific level is included to capture "deep" retracements that are often used in harmonic trading or specific institutional trading strategies.

Settings

Set up Find entry

• Find entry Long: Enables the detection and drawing of bullish Fibonacci setups.
• Find entry Short: Enables the detection and drawing of bearish Fibonacci setups.

Set up Pivot High/Low

• Pivot Detection: Left Bars: The number of bars required to the left of a high/low to consider it a pivot.
• Pivot Detection: Right Bars: The number of bars required to the right of a high/low to confirm the pivot.

Custom Selection

• Width Fibonacci levels: Adjusts the thickness of the Fibonacci retracement lines.
• Width Sup/Res levels: Adjusts the thickness of horizontal support and resistance lines.
• Width Trendline: Adjusts the thickness of the calculated trendlines.
• Extension: Controls how far the lines extend to the right of the pivot point.

Set up Alert

• Set alert Long Trade when price test: Select which Fibonacci level or zone triggers a long alert.
• Set alert Short Trade when price test: Select which Fibonacci level or zone triggers a short alert.

FAQ

How do I use the 0.88 level?

The 0.88 level is often used to identify deep retracements where price might find final support before a trend reversal or a stop-run area.

Can I see both Long and Short setups at once?

Yes, you can enable both "Find entry Long" and "Find entry Short" in the settings, though focusing on the current trend direction is often cleaner for analysis.

How can I access Auto Fibonacci with .88?

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