Auto Fibonacci Retracement

The Auto Fibonacci Retracement indicator automatically plots Fibonacci retracement levels over a user-defined date range, providing technical analysts with an efficient way to identify potential support and resistance areas.

Usage

To use this tool, select a specific date range via the settings to focus the analysis on a particular market period. The script will automatically find the highest and lowest price points within that window and plot the corresponding Fibonacci ratios. Traders can use these levels to gauge the depth of market corrections or rallies.

Key usage examples include:

• Identifying Support/Resistance: Use the 0.618 and 0.5 levels to find areas where price might bounce or reverse.
• Trend Analysis: The optional trend line connecting the selected high and low helps visualize the market direction over the specified period.
• Retracement Tracking: Enable the "Retracement" feature to see exactly how much the current price has retraced as a percentage of the total move between the identified high and low.

Details

The script identifies the absolute high and low values within the selected time frame to determine the trend direction. If the high occurs after the low, it treats the move as an uptrend; otherwise, it is treated as a downtrend. Unlike standard Fibonacci tools that require manual anchoring, this script dynamically adjusts based on the "Start Date" and "End Date" inputs.

It also includes a measurement feature that calculates the current price's position relative to the Fibonacci range. This allows users to see real-time retracement percentages without manual calculation.

Settings

Range

• Start Date: The beginning of the time period for analysis.
• End Date: The end of the time period for analysis.

Ratios

• Level 0-6: Toggle individual Fibonacci ratios (e.g., 0.236, 0.382, 0.618) on or off.
• Color/Style: Customize the visual appearance of each specific level.

Options

• Extend: Choose to extend Fibonacci lines to the right, left, both, or none.
• Use Close Values: When enabled, the script uses closing prices instead of highs and lows to determine the range.
• Draw Trend: Toggles the visibility of the diagonal trend line between the range high and low.
• Labels: Toggles the visibility of the price and ratio labels on the chart.
• Retracement: Enables a visual indicator and label showing the percentage of the current price retracement.

FAQ

How do I access Auto Fibonacci Retracement?

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

Can I use closing prices instead of High/Low?

Yes, there is a setting called "Use Close Values" in the Options group that allows you to calculate the range based on candle closes.

How do I change the specific Fibonacci ratios?

In the "Ratios" settings group, you can manually type in different float values for any of the 7 available levels to customize the retracement points.