Session Fibonacci Levels

The Session Fibonacci Levels indicator automatically calculates and plots Fibonacci retracement and extension levels based on the high and low prices of specific trading sessions. This tool provides traders with a dynamic, session-relevant perspective on support and resistance levels, adapting to the unique price action of defined market hours.

Usage

The tool is designed for intraday traders who focus on specific market sessions like London, New York, or Asia.

• Session Configuration: Users define a specific time range and time zone. During this window, the indicator highlights the session range with a visual box.
• Automatic Calculation: Once the session concludes, the indicator identifies the session's high and low.
  • If the session low occurs before the high, levels are measured from low to high.
  • If the high occurs before the low, levels are measured from high to low.
• Dynamic Support/Resistance: The resulting Fibonacci levels act as potential areas for entries, exits, or stop-loss placement for the remainder of the trading day.
• Visual Customization: Users can choose to remove old Fibonacci levels when a new session begins to keep the chart clean, or keep them for historical reference.

Details

The script uses the high and low prices within the user-defined sessionTimeInput to establish the 0 and 1 (0% and 100%) Fibonacci anchor points. It includes standard retracement levels (0.236, 0.382, 0.5, 0.618, 0.786) and extension levels (negative values). Because different global markets operate on different schedules, the Time Zone setting is critical to ensure the session box aligns correctly with the local exchange hours displayed on the user's chart.

Settings

Sessions Settings

• Time Zone: Sets the GMT offset to align the session time with your local chart time.
• Session: Defines the start and end time for the price range calculation (e.g., '0800-1700').
• Session Box: Toggles the background highlight for the active session.
• Remove Fibs When New Session Starts: When enabled, previous Fibonacci lines are cleared when a new calculation window begins.

Fibs

• Show Fibs: Toggles the visibility of the Fibonacci levels.
• Range High to Low Line: Draws a diagonal line connecting the session high and low.
• Fib Price Location: Controls whether price labels appear on the left or right side of the levels.
• Levels (0 - 0.5): Individual toggles, value inputs, and color selectors for each Fibonacci ratio.

FAQ

How do I access Session Fibonacci Levels?

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

Can I track multiple sessions at once?

To track multiple sessions (e.g., London and New York simultaneously), you can add multiple instances of the indicator to your chart and configure each with different session times.

Why are my Fibonacci levels not appearing?

Ensure that your "Time Zone" setting matches the time zone displayed at the bottom right of your TradingView chart, and that the "Session" input covers a period that has already elapsed or is currently active on the chart.