Auto Fibonacci Levels

The Auto Fibonacci Levels indicator automatically plots Fibonacci extension and retracement levels based on a user-defined consolidation range to identify potential support, resistance, and price targets.

Usage

The Usage section describes how to utilize the tool to identify key market structure points. Users can define a specific consolidation range by setting a "Lookback start date" and the "Number of candles to look back" from that point. Once the range is established, the indicator identifies the high and low within that window and projects various Fibonacci levels.

Examples of usage include:

• Bullish Expansion: Projects levels above the consolidation high to identify where an upward breakout might find resistance.
• Bearish Expansion: Projects levels below the consolidation low to find potential targets for downward moves.
• Bullish/Bearish Retracement: Displays internal levels within or slightly outside the defined range to find entry points on pullbacks after a significant move has already occurred.

Details

This script distinguishes itself by giving the user precise control over the lookback window rather than relying on fixed or recent volatility. It offers two calculation methods:

• Logarithmic: Calculates levels based on percentage-based price relationships, which is often preferred for long-term charts or high-volatility assets like Crypto.
• Linear: Uses standard arithmetic calculations for Fibonacci levels, suitable for most intraday Forex and Stock trading.

The tool visually organizes these levels with customizable labels and colors, extending them to the right of the current price for clear visibility.

Settings

Date Range

• Lookback start date: The specific point in time used as the end of the lookback period.
• Number of candles to look back: Defines the length of the window (in bars) starting backward from the lookback start date to find the high/low range.

FIB Lines and Labels

• Distance from current bar to fib labels: Adjusts how far to the right the text labels are placed.
• Fibonacci type: Choose between Logarithmic or Linear calculation modes.
• Show Bullish/Bearish Expansion/Retracement Levels: Toggles the visibility of specific Fibonacci projection types.
• Hide All Labels: Removes text descriptions from the chart for a cleaner look.

Fibonacci Levels

• Level (0.236 - 4.618): Toggle checkboxes to show/hide specific expansion ratios, with input fields for custom values and color pickers for visual styling.

Fibonacci Retracement Levels

• Level (0.236 - 0.786): Toggle checkboxes to show/hide internal retracement ratios within the defined range.

FAQ

How do I use this for a specific breakout?

Select the "Lookback start date" at the end of a sideways consolidation period and set the "Number of candles" to cover the duration of that range. The expansion levels will then show potential targets for the subsequent breakout.

Can I change the Fibonacci ratios?

Yes, the settings allow you to modify the numerical values of each Fibonacci level to suit your specific strategy or to use non-standard ratios.

How can I access Auto Fibonacci Levels?

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