Fibonacci retracement

The Fibonacci retracement indicator is a technical analysis tool that provides interactive Fibonacci levels with real-time price metrics relative to the current closing price. It helps traders identify potential support and resistance zones while calculating the percentage distance and price difference to each specific level.

Usage

To use the tool, users should place the starting point (bottom) and ending point (top) via the interactive inputs. Once placed, the script draws the Fibonacci levels and provides a real-time information panel for each line.

The indicator displays:

• Fiblevel (%): The Fibonacci ratio for that specific line.
• Price: The absolute price value of the level.
• % till point: The percentage difference between the current closing price and the Fibonacci level.
• Price Difference: The numerical distance from the current price to the level.
• Range Info: Displays overall Range-Up and Range-Down metrics in both percentage and price value at the bottom of the tool.

Details

The script allows for high precision when trading assets with low nominal values (such as low-cap cryptocurrencies) by adjusting the decimal trimming. It includes a tracking mode that can automatically update the top and bottom anchors based on price action. Furthermore, users can switch between linear and logarithmic calculations to align with their chart scaling preferences.

Settings

Interactive Inputs

• STARTTIME: Sets the starting bar for the Fibonacci calculation.
• BOTTOM: Defines the price level for the bottom anchor.
• TOP: Defines the price level for the top anchor.

Global

• Active Tracking: Enables automatic adjustments of the anchors based on high/low price discovery.
• Reverse Fib: Inverts the Fibonacci levels.
• Logarithmic: Calculates levels using logarithmic scales instead of linear.
• Price decimals: Adjusts the rounding for price values in labels.
• Percent decimals: Adjusts the rounding for percentage values in labels.

Fiblevels

• Level 0-8: Individual inputs to define specific Fibonacci ratios (e.g., 0.618, 0.786).
• Fill-Colors: Customizable colors and transparency settings for the background zones between specific levels.

FAQ

How do I access the Fibonacci retracement?

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

Can this indicator use logarithmic scaling?

Yes, there is a "Logarithmic" toggle in the settings to ensure the Fibonacci levels align correctly with logarithmic charts.

Does it support alerts?

Yes, the script includes built-in alert functionality that triggers when the price crosses any of the defined Fibonacci levels.