B3 Fibonacci Pivot S/R

The B3 Fibonacci Pivot S/R indicator provides automated support and resistance levels based on multi-timeframe Fibonacci calculations to assist traders in identifying potential market reversal points.

Usage

The Usage section focuses on identifying key price levels that act as dynamic support and resistance. The tool is primarily designed for index and commodity futures, such as the ES (S&P 500 E-minis), providing "reversal awareness" when price approaches the outer zones.

• Mean (Pivot): Represents the central balance point based on the HLC/3 of the selected higher timeframe.
• Resistance Zones (R1-R4): Upper levels where price may encounter selling pressure. The script highlights zones between these levels (e.g., R3 to Edge High Mid) to visualize supply areas.
• Support Zones (S1-S4): Lower levels where price may encounter buying pressure. Zones between levels (e.g., S3 to Edge Low Mid) help visualize demand areas.
• Multi-Timeframe Application: For intraday trading on a 1-hour chart, it is common to set the resolution to "D" (Daily). For faster charts like a 5-minute timeframe, a 60-minute resolution can be used to see more localized pivots.

Details

The indicator calculates levels using a combination of traditional pivot point math and Fibonacci ratios (0.618, 1.618). It fetches the highest high, lowest low, and closing price from a user-defined higher timeframe using request.security.

The "Mean" is calculated as the average of these three values from the previous period. The support and resistance levels are then projected from this mean based on the range (High - Low) of the lookback period. The script also includes "Edge" calculations that extend beyond the standard Fibonacci levels to provide deeper context for extreme price moves.

Settings

• Larger Res than Chart: Sets the higher timeframe resolution from which the pivot data is pulled (e.g., Daily, Weekly, 60m).
• Length Lookback: Determines the number of bars on the higher timeframe used to calculate the highest high and lowest low.

FAQ

How do I use the B3 Fibonacci Pivot S/R?

You can apply the indicator to your chart and adjust the "Larger Res" setting to a timeframe higher than your current chart to see relevant support and resistance levels.

What markets is this best suited for?

This tool was specifically developed for index futures like ES and commodity futures, though it can be tested on other asset classes.

How can I access this indicator?

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