Fibonacci Range Detector

The Fibonacci Range Detector tool identifies and visualizes key price ranges using Fibonacci retracement levels to help traders contextualize market structure. It automatically tracks swing highs and lows to map out critical support, resistance, and value zones in real-time.

Usage

The indicator can be used in two primary ways to accommodate different trading styles:

• Auto Selection: In this mode, the script employs an adaptive ZigZag system to automatically detect market swings. Traders can choose between ATR ZigZag (based on volatility) or % ZigZag (based on price percentage movement) to define what constitutes a meaningful structural shift.
• Manual Selection: For traders who want full control, this mode allows the manual selection of specific swing highs and lows directly on the chart to generate custom Fibonacci ranges.

The tool maps out essential Fibonacci retracement levels (0%, 25%, 50%, 75%, 100%) and optional extensions (127.2%, 161.8%). These zones help identify Discount (0-25%) and Premium (75-100%) areas, which are useful for identifying optimal trade entries and exits.

Details

The script's core logic centers on "Range Confirmation." In Auto mode, a range is only fully confirmed after a user-defined number of bars has passed without the swing high being breached, preventing premature range mapping during high-volatility moves.

The indicator also maintains a Historical Memory feature. It can store and display up to 20 past ranges simultaneously. This allows traders to see how current price action interacts with historical structural levels, providing deeper confluence for technical analysis.

Settings

Mode Selection

• Selection Mode: Switch between "Auto" for algorithmic detection or "Manual" for user-defined levels.
• Manual Inputs: Define the specific High and Low price levels when in Manual mode.

Auto Settings

• Detection Method: Choose between "ATR ZigZag" or "% ZigZag" for identifying swings.
• ATR Length/Multiplier: Configures the volatility sensitivity for the ATR detection method.
• Reversal %: Sets the percentage threshold required to trigger a new swing point in % mode.
• Confirmation Bars: The number of candles required to "lock in" a new high and confirm the active range.

Visual Settings

• Show Price Labels: Toggles the visibility of price values at each Fibonacci level.
• Show Extensions: Enables or disables the 127.2% and 161.8% extension lines.
• Historical Ranges: Determines how many previous ranges remain visible on the chart.
• Color Scheme: Customize the colors and transparency for the Discount and Premium zones.

Table Settings

• Show Info Table: Toggles the live data panel displaying range metrics.
• Table Position: Adjusts where the information panel appears (e.g., Top Right, Bottom Left).

FAQ

How do I access Fibonacci Range Detector?

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

What is the difference between the ATR and % ZigZag methods?

The ATR method adjusts to market volatility, expanding or contracting based on recent price range, while the % method uses a fixed percentage move regardless of volatility.

Can I use this for automated buy and sell signals?

No, this tool is designed as a visual framework for structure-based analysis and should be used in conjunction with a complete trading strategy and risk management plan.