Auto Fibonacci Levels

The Auto Fibonacci Levels indicator automatically plots Fibonacci or Classic pivot levels based on the price range of a previous period (Day, Week, or Month). This tool is designed to provide traders with consistent support and resistance levels that remain static throughout the current session, offering a stable framework for identifying trend exhaustion and potential reversals.

Usage

The Usage section focuses on identifying key price targets and zones using the plotted levels. Traders can use the script to:

• Identify Support & Resistance: The script plots multiple levels (R1-R8 and S1-S8) which act as potential turning points.
• Analyze the Pivot Zone: The central yellow/blue area represents the Pivot level (HLC3) and its surrounding Fibonacci zone (0.236), often used as a baseline for trend direction.
• Monitor Extended Ranges: By enabling extended levels, traders can see targets up to the 2.000 Fibonacci extension for high-volatility environments.
• Select Level Types: Switch between standard Fibonacci calculations and "Classic" pivot formulas to match specific trading strategies.

Details

The script calculates its levels using the High, Low, and Close (HLC3) of the previous period (Daily, Weekly, or Monthly). Unlike some dynamic indicators, these levels are calculated at the start of the new period and do not shift if the current price exceeds the R3/S3 levels, maintaining the integrity of the historical range.

The Fibonacci levels are derived by applying specific ratios (0.236, 0.382, 0.618, 0.786, 1.000, 1.236, 1.382, 1.618, 2.000) to the previous period's range (High - Low) and adding/subtracting them from the Pivot point. The "Classic" mode uses standard Floor Pivot calculations for R1-R4 and S1-S4.

Settings

Settings

• Timeframe: Select the source period for the range calculation (Daily, Weekly, or Monthly).
• Show Extended Fibonacci Levels: Toggles the visibility of levels beyond the 1.000 range (up to 2.000).
• Show Classic Levels instead of Fibonacci: Switches the calculation logic from Fibonacci ratios to standard Classic Pivot formulas.
• Show Current Labels: Displays price and ratio labels on the right side of the chart.
• Show Current Day's Open Level: Toggles a horizontal line representing the opening price of the current period.

Colors

• Pivot/Open: Adjust colors for the central pivot line and the opening price line.
• Fib [0 - 1]: Customize colors for the standard internal retracement and extension levels.
• Fib Extended [1 - 2]: Customize colors for the outer extension levels.

FAQ

How do I use the different timeframes in this tool? You can select between Daily (D), Weekly (W), or Monthly (M) timeframes in the settings to define the range used for the Fibonacci calculations.

What is the difference between Fibonacci and Classic levels? Fibonacci levels use specific mathematical ratios (like 0.618) applied to the previous range, while Classic levels use standard pivot point formulas derived from the previous period's high, low, and close.

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