Fibonacci Retracament Levels - Only for intraday
Mar 22, 2020
The Fibonacci Retracament Levels - Only for intraday indicator automatically plots key Fibonacci levels based on higher timeframe price action to assist traders in identifying potential support and resistance zones.
Usage
The indicator is primarily designed for intraday trading on lower timeframes such as the 5-minute or 15-minute charts. By calculating levels from a higher timeframe (e.g., Daily), it provides static horizontal lines that act as potential reversal or breakout points throughout the trading session. Traders can use these levels to:
- Identify profit targets using extension levels (e.g., 1.618, 2.618).
- Spot potential entries near retracement levels (e.g., 0.382, 0.618).
- Monitor the 50% "equilibrium" level for trend bias.
Details
The tool utilizes request.security to fetch the high and low prices from a user-defined period. It then calculates a standard set of Fibonacci retracement and extension values relative to that range. The "Adjustment" setting allows users to look back at previous periods (e.g., yesterday's range) to determine today's levels.
Settings
- Day/Week/Month: Sets the anchor timeframe used to calculate the Fibonacci high and low range.
- 0/1/2: Determines the bar offset for the calculation. For example, a value of 1 typically references the previous period's high/low.
- Plot [Level]: A series of checkboxes that allow you to toggle specific Fibonacci levels on or off, including standard retracements (0.236 - 0.786) and extensions (-2.618 - 3.618).
FAQ
How do I use this for day trading?
Simply apply the indicator to a 5m or 15m chart. It will automatically draw the levels based on the Daily range, providing fixed reference points for the entire session.
Can I change which levels are visible?
Yes, you can toggle specific levels such as the 0.618 or 1.618 in the settings menu to keep your chart clean.
How can I access this 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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