Auto Fibonacci Lines

The Auto Fibonacci Lines indicator automatically identifies the highest and lowest price points within the visible chart area and plots dynamic Fibonacci retracement levels to help traders identify potential support, resistance, and reversal zones.

Usage

The tool is designed to simplify technical analysis by removing the need to manually draw Fibonacci retracements. As you scroll or zoom through your chart, the indicator recalculates the absolute high and low points of the visible range and updates the levels in real-time.

Traders can use these levels to:

• Establish Profit Targets: Use extension or retracement levels to set price targets.
• Identify Reversal Points: Monitor key ratios like 0.618 or 0.50 for potential price Exhaustion or pullbacks.
• Dynamic Analysis: Since the tool updates based on the visible chart, it provides a localized view of price action relevant to the current zoom level.

Details

This script is a modified implementation of the "VisibleChart" concept. It functions by calculating the highest and lowest price values specifically within the time range defined by chart.left_visible_bar_time and chart.right_visible_bar_time.

The script determines the trend direction based on whether the visible high occurred after the visible low. It then calculates standard Fibonacci ratios (0, 0.236, 0.382, 0.5, 0.618, 0.786, and 1.0) relative to that range. The logic includes built-in alert conditions for price crossovers and crossunders at each Fibonacci level.

Settings

Highest and Lowest Values

• Enable Highest and Lowest Values Visualization: Toggles the display of the absolute high and low price labels and the connecting trend line.
• Line Color: Sets the color for the line connecting the high and low points.
• Line Width: Adjusts the thickness of the high-low line.
• Line Type: Choose between dashed, dotted, or solid lines for the range visualization.

Fibonacci Levels

• Enable Fibonacci Levels Visualization: Toggles the display of the horizontal Fibonacci ratio lines.
• Line Color: Sets the color for the Fibonacci level lines.
• Line Width: Adjusts the thickness of the level lines.
• Line Type: Sets the style (Solid, Dashed, Dotted) for the ratio lines.
• Extend: Determines if the Fibonacci lines should extend to the right, left, or remain contained.

FAQ

How do I use this indicator to find support and resistance?

The horizontal lines generated by the indicator represent standard Fibonacci ratios. Prices often react, stall, or reverse at these levels, making them effective "hidden" support and resistance zones during a trend or retracement.

Does this indicator repaint?

The indicator calculates based on the visible chart range. While it does not "repaint" historical signals in the traditional sense, the levels will shift dynamically if you scroll the chart or change the zoom level, as the "Visible High" and "Visible Low" parameters will change.

How can I access Auto Fibonacci Lines?

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