Support Resistance Fibonacci Levels

The Support Resistance Fibonacci Levels indicator identifies and plots absolute high and low values across five adjustable timeframes while optionally calculating Fibonacci retracement levels based on these extremes. It provides traders with automated horizontal support and resistance zones and visual Fibonacci shading to highlight potential reversal areas.

Usage

The script is designed to automate the manual task of drawing key levels from higher timeframes onto your current chart. By selecting different basis periods (Months, Weeks, Days, Hours, or Minutes), you can visualize where the market has previously bottomed or topped out over those durations.

The Fibonacci feature allows you to pick any of the active timeframe pairs (e.g., the Daily high/low) to serve as the anchor for a Fibonacci retracement. This includes levels such as 0.236, 0.382, 0.500, 0.618, 0.786, and 1.618. For traders focusing on specific trend directions, the "Invert Fibonacci" setting allows the levels to be drawn from high-to-low or low-to-high.

Details

The indicator calculates the highest high and lowest low over the specified lookback periods for each timeframe. For intraday traders, the "Keep Lines Straight" feature is particularly useful as it prevents the support and resistance lines from shifting mid-day based on current price action, maintaining the levels established at the start of the session.

Additionally, a custom Zig Zag calculation is included to help filter market noise and identify structural peaks and troughs. The Fibonacci calculation is performed using a specialized internal function that can handle inverted logic, ensuring the ratios remain accurate regardless of whether you are measuring a retracement of an uptrend or a downtrend.

Settings

Support & Resistance

• Use Basis (Monthly, Weekly, etc.): Toggles the visibility of specific timeframe extremes.
• Timeframe Lengths: Sets the number of units (e.g., # of months) used to calculate the high and low.
• Keep Lines Straight All Day?: When enabled, holds the morning value constant until the next session.
• Connect Sup/Res Crosses: Visual setting to connect crosses with a line for cleaner structural viewing.

Zig Zag

• Zig Zag Depth: The minimum number of bars required to identify a new peak or trough.
• Zig Zag Reversal Sensitivity: Filters out small price movements based on a percentage deviation.

Fibonacci

• Draw Fibonacci Levels For Which Basis Pair?: Selects which timeframe's high/low pair will be used to generate the Fib levels.
• Invert Fibonacci Levels?: Reverses the calculation order (max-to-min vs min-to-max).

Advanced

• # Days in a Week of Trading: Adjusts the timeframe calculations. Use 5 for traditional markets and 7 for 24/7 markets like Cryptocurrency.

FAQ

How do I use this to find entry points? Traders often look for price reactions where the Fibonacci levels overlap with the automated support or resistance levels from higher timeframes, creating "confluence" zones.

Can I use this on a 1-minute chart? Yes, the indicator supports intraday timeframes down to the minute, allowing you to plot 90-minute or hourly levels on very fast charts.

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