Fibonacci Ratios HTF

The Fibonacci Ratios HTF indicator automatically identifies and draws higher timeframe Fibonacci retracement and extension levels based on the current wave cycle. This tool helps traders visualize key support and resistance zones derived from larger timeframe market structures while operating on a lower timeframe chart.

Usage

The indicator detects "swing highs" and "swing lows" on a user-defined higher timeframe (HTF) to establish a range.

• Retracements: When a new swing low is formed on the HTF, the tool draws retracement levels from the peak to the trough. Conversely, when a swing high is formed, levels are drawn from trough to peak.
• Extensions: Users can enable extension levels (161.8% to 461.8%) to identify potential profit targets or reversal zones beyond the current trading range.
• HTF Analysis: For example, a trader can apply 1-month Fibonacci levels to a daily chart to maintain a macro perspective on price action.

Details

The script defines swings based on candle color sequences: a swing high is a series of green candles followed by a red candle, while a swing low is a series of red candles followed by a green candle. The "Peak" or "Trough" is determined by the highest high or lowest low within those specific candle groups.

A wave cycle represents the move between these confirmed peaks and troughs. The Fibonacci levels provided include standard retracement ratios (23.6%, 38.2%, 50%, 61.8%, 78.6%, and 100%) and extension ratios (161.8%, 261.8%, 361.8%, 423.6%, and 461.8%).

Settings

• HTF Resolution: Sets the timeframe used to calculate the Fibonacci levels (e.g., 1D, 1W, 1M).
• Show Fibonacci Extensions: Toggles the visibility of extension levels beyond the 100% mark.
• Line Coloring: Individual color inputs for every Fibonacci level (0.0% through 461.8%).
• Line Extension: Choose how the horizontal lines extend across the chart (None, Right, Left, or Both).
• Show Labels: Toggles the visibility of price and percentage labels.
• Label Coloring: Customizable text and outline colors for the labels.

FAQ

How do I use this on different timeframes? You can set the "HTF Resolution" in the settings to any timeframe higher than your current chart. The indicator will then fetch the data and plot the relevant levels.

Why are the lines not appearing or showing a study error? This typically happens if the higher timeframe anchor point is too far back in history for your current chart's data limit. Try using a higher resolution for your current chart or a lower HTF setting.

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