Fibonacci Retracement levels Automatically D/W/M

The Fibonacci Retracement levels Automatically D/W/M indicator automatically plots Fibonacci retracement levels based on the high and low prices of a user-selected higher timeframe or detected pivot points. It aims to provide real-time visualization of potential support and resistance zones using dynamic lines, labels, and color-coded zones.

Usage

The indicator can be used to identify key retracement levels for entries, exits, or stop-loss placement. Traders can select between different modes:

• Higher Timeframe (D/W/M): Selecting Daily, Weekly, or Monthly will fetch the High and Low of the previous completed period.
• Pivot High / Low: Selecting this mode uses local price action extremes based on the "Lookback" and "Wait" settings.

The tool detects the direction of the previous period's candle. For bullish periods, levels are calculated from low to high; for bearish periods, levels are calculated from high to low. The levels provided include 0.236, 0.382, 0.5, 0.618, and 0.786.

Details

This script utilizes request.security to fetch data from higher timeframes without lookahead bias. It stores price extremes in arrays to maintain persistence across the current active period. When a new period starts, the script clears previous drawing objects (lines, boxes, and labels) and recalculates the range to ensure the chart remains clean and relevant. The visual zones are created using semi-transparent boxes to help traders distinguish between different Fibonacci "pockets" or interest areas.

Settings

Timeframe Settings

• Timeframe: Choose the anchor for the Fibonacci range: Pivot High / Low, Daily, Weekly, or Monthly.

Pivot Settings

• Pivot Lookback Left: Sets the number of bars to the left required to confirm a pivot high or low.
• Pivot Wait Right: Sets the number of bars to the right required to confirm a pivot high or low.

Visual Settings

• Show Info script name Symbol and Timeframe: Toggles the visibility of the information table in the top-right corner of the chart.
• Text Color: Customizes the color of the labels and table text.

FAQ

How do I access Fibonacci Retracement levels Automatically D/W/M?

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

Can I use this on any asset?

Yes, the indicator is designed to work on any ticker provided by the platform, including stocks, forex, and crypto.

Why do the lines disappear and move?

The indicator is dynamic; it recalculates at the start of every new period (e.g., at the start of a new week) to show the most recent completed range for retracement analysis.