Fibonacci Levels on Any Indicator

The Fibonacci Levels on Any Indicator tool allows users to plot horizontal Fibonacci retracement and extension levels based on custom conditions from any indicator source. It is designed to help traders manage trades, set targets, and reduce risk by dynamically anchoring Fibonacci levels to specific market events or technical signals.

Usage

The script requires identifying four primary elements to function:

1. Starting Point: Defines the condition that triggers the drawing of the levels.
2. Ending Point: Defines when the drawing of the levels concludes.
3. High Point (100% Level): The price level representing the top of the range.
4. Low Point (0% Level): The price level representing the bottom of the range.

The tool provides several logic options for the Starting and Ending points:

• New Phase: Triggered when a value from an external indicator changes from NaN to a real number.
• Crosses Above/Below: Triggered when one indicator source crosses another.
• Reversal Up/Down: Triggered when an indicator's value increases or decreases relative to its previous value.
• First/Last Bar: Useful for creating stationary or historical anchor points.

Details

The indicator functions by monitoring input sources for specific logical states. Once a "Start" condition is met, the script captures the current Upper and Lower pivot values (which can be derived from ATR bands, other indicator sources, or static numbers). These values then serve as the 0% and 100% anchors for the horizontal line sequence. The levels persist until the "End" condition is met. This modular approach allows it to be used as an overlay for diverse strategies such as Supertrend, Moving Average crossovers, or RSI reversals.

Settings

Signal Conditions

• Start Drawing Condition: Name, color, and logical condition (e.g., Crosses Above) to begin plotting.
• End Drawing Condition: Name, color, and logical condition to stop plotting.
• Value(1) & Value(2): The sources (Source or Numerical) used to evaluate the signal conditions.

Fibonacci Pivots

• Upper Pivot: Sets the source for the 100% level (Long) or 0% level (Short). Options include Source, ATR Upper Band, or Numerical.
• Lower Pivot: Sets the source for the 0% level (Long) or 100% level (Short).
• ATR Settings: Configures the Length and Multiplier if ATR bands are selected as pivots.

Line & Label Style

• Lines: Toggle visibility, line style (solid, dashed, dotted), extension (Left, Right, Both), and thickness.
• Labels: Toggle visibility, position, and information displayed (Percent, Price, or Value).

Fibonacci Levels

• Show Only Last Direction: If enabled, only the most recent set of Fibonacci levels is displayed on the chart.
• Reverse Fibonacci Levels: Flips the 0% and 100% anchors.
• Level Visibility/Color: Individual toggles and color pickers for twelve distinct Fibonacci levels.

FAQ

How do I use this with a specific indicator like the Supertrend? You can set the "Start Drawing Condition" to "Value(1) New Phase" and select the Supertrend's up-trend plot as the source.

Can I use static price levels instead of indicator plots? Yes, change the Pivot type to "Numerical" and enter the specific price values manually in the input fields.

How can I access Fibonacci Levels on Any Indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.