Simple Fibonacci Retracement

The Simple Fibonacci Retracement indicator plots automated or manual Fibonacci levels to help traders identify potential support and resistance zones across any asset class or timeframe.

Usage

The tool can be used to automatically identify key retracement levels based on historical price action or to visualize specific price targets using manual inputs. It is suitable for identifying entry points during pullbacks or setting profit targets in trending markets.

• Lookback - Candles: This mode identifies the highest high and lowest low within a user-defined number of candles. The Fibonacci grid is then anchored to these points and updates as new extremes are formed.
• Lookback - Days: Similar to the candle lookback, this calculates extremes over a specified number of trading days, making it useful for multi-timeframe analysis where daily high/lows are significant.
• Manual Price Input: Traders can enter specific price points for the High and Low. This is particularly useful for long-term cycle analysis or when a trader wants to keep levels static regardless of new price extremes. In this mode, extension levels (up to 4.618) are also displayed.
• Reversing Levels: The "Reverse Fibonacci Levels" toggle allows users to flip the 0% and 100% points to match the direction of the trend (uptrend vs. downtrend).

Details

The script calculates standard Fibonacci ratios (0, 0.236, 0.382, 0.5, 0.618, 0.786, and 1.0). When using the "Manual Price Input" method, the script unlocks further extension levels, which are often used for trend extension forecasting. The lookback logic is designed to stay consistent across different timeframes; for example, a "100 Day" lookback will calculate the same high and low whether viewed on a 1-hour or 4-hour chart.

Settings

Main Settings

• Fibonacci Plot Type: Choose between "Plot Fibs based on Lookback" (automatic) or "Plot Fibs based on Price Input" (manual).
• Fibonacci Plot Lookback Type: Select if the auto-calculation should use a count of "Candles" or "Days".
• Days/Candles to Lookback: Sets the length of the lookback period.
• Reverse Fibonacci Levels?: Inverts the 0 and 1 levels.
• Show 0.886 and 1.113 Fibs: Toggles the visibility of deep retracement and slight extension levels.

Price Input

• High - Enter Value: The price to be used as the anchor high in manual mode.
• Low - Enter Value: The price to be used as the anchor low in manual mode.

Visual Style

• Support/Resistance Fibs Color: Sets the color of the lines based on whether the current price is above or below them.
• Show Fib Level of Current Price: Displays a label indicating the relative Fibonacci position of the current market price.
• Fib Line Style/Width: Customizes the appearance of the level lines.
• Extend Lines Left: Extends the lines backward across the chart for better visibility.

FAQ

How do I use the Simple Fibonacci Retracement?

Select your preferred lookback period (e.g., 100 candles) to see where the current price sits relative to recent extremes, or enter manual price points to track specific market cycles.

Can I see levels beyond the 100% retracement?

Yes, by selecting "Plot Fibs based on Price Input," the indicator will display extension levels up to the 4.618 ratio.

How can I access Simple Fibonacci Retracement?

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