Fibonacci Pivots Enhanced Levels (daily)
May 15, 2018
The Fibonacci Pivots Enhanced Levels (daily) indicator provides an expanded set of daily support and resistance levels based on Fibonacci ratios applied to the previous day's range. It offers a more comprehensive view of potential price targets and reversal zones compared to standard pivot point tools by including additional extended levels.
Usage
This tool is used to identify intraday support and resistance zones based on historical volatility. Traders can use the central pivot as a bias filter—looking for longs when price is above and shorts when price is below—while using the R1-R7 and S1-S7 levels as profit targets or entry points for mean-reversion strategies.
The indicator is particularly useful for volatile markets where standard R3/S3 levels are frequently exceeded. By plotting levels up to R7/S7, users can maintain technical perspective even during significant trending moves.
Details
The script calculates the central pivot using the typical price (H+L+C)/3 of the previous day. The support and resistance levels are then derived by multiplying the previous day's range (High - Low) by specific Fibonacci coefficients:
- Levels 1 & 2: 0.382 and 0.618
- Level 3: 1.0 (The full range)
- Levels 4 - 7: 1.272, 1.618, 2.058, and 2.618
These calculations are fetched via security requests to ensure they remain consistent across different intraday timeframes.
Settings
- Show Daily Pivots?: Toggles the visibility of the primary daily pivot and the standard R1-R3 / S1-S3 levels.
- Show Additional Levels?: Enables or disables the display of the extended Fibonacci levels (R4-R7 and S4-S7).
FAQ
How do I use the extended levels?
The extended levels (4 through 7) act as deep overbought or oversold zones. When price reaches these outer boundaries, it often indicates an exhaustive move where a retracement or consolidation is likely.
Can I use this on a weekly chart?
The script is specifically hardcoded to fetch "Daily" timeframe data for its calculations. While it can be viewed on lower timeframes (1m, 5m, 1h, etc.), the levels themselves will always represent daily Fibonacci pivots.
How can I access Fibonacci Pivots Enhanced Levels (daily)?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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