Daily Auto Fibonacci Tool
Jun 11, 2018
The Daily Auto Fibonacci Tool indicator automatically calculates and plots Fibonacci retracement levels based on daily price ranges to provide traders with clear, actionable support and resistance zones.
Usage
The Daily Auto Fibonacci Tool is designed to simplify the application of Fibonacci levels by anchoring them to daily highs and lows. Traders can use these levels to identify potential reversal points or trend continuation zones within a session. The tool offers a high degree of visibility, allowing users to focus on specific retracements while optionally hiding older data to maintain a clean chart. For example, a trader might look for price rejection at the 0.618 level during an intraday pullback to time an entry.
Details
This script identifies the highest and lowest points over a specified daily lookback period and projects various Fibonacci ratios across that range. Unlike standard manual tools, it updates dynamically and can be restricted to intraday timeframes to prevent cluttering higher-timeframe charts. The implementation includes specific logic to handle session separators and "clean" viewing options, ensuring that retracement levels are relevant to current market conditions.
Settings
- Specify Time Range to Find Highest/Lowest Range: When enabled, the tool uses a multi-day lookback to find the high/low; otherwise, it uses the current daily candle.
- Days to Lookback for H/L Range: Determines the number of previous days to include when searching for the price range extremes.
- Show Older Retracements: Controls whether Fibonacci levels from previous days remain visible on the chart.
- Show Labels: Toggles the visibility of price/ratio labels for each active retracement level.
- Enable on Intraday Timeframes Only: Limits the script's output to timeframes shorter than daily.
- Level Toggles (-0.382, 0, 1, 1.272, etc.): Individual settings to show or hide specific Fibonacci retracement levels.
FAQ
How do I use the Daily Auto Fibonacci Tool?
Simply add it to an intraday chart. It will automatically detect the daily range and plot the selected Fibonacci levels, which can be used to identify key support and resistance.
Can I change which Fibonacci levels are displayed?
Yes, the settings menu allows you to toggle specific ratios on or off, including extensions like -0.382 and 1.272.
How can I access the Daily Auto Fibonacci Tool?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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