Support & Resistance + Fibonacci Retracement

The Support & Resistance + Fibonacci Retracement indicator automatically identifies major market structure levels and projects Fibonacci ratios to provide a comprehensive framework for price action analysis.

Usage

The indicator is designed to simplify the identification of key horizontal levels by scanning historical price data. Traders can use it to:

• Identify Core Structure: The tool automatically marks the highest high (Resistance) and lowest low (Support) within the specified lookback period, serving as the boundaries for the current trading range.
• Analyze Pullbacks: By plotting the 0.236, 0.382, 0.500, 0.618, and 0.786 Fibonacci levels, users can pinpoint potential reversal or continuation zones during retracements.
• Multi-Timeframe Context: By adjusting the timeframe setting, you can display daily or weekly structural levels on a lower timeframe chart (e.g., 15-minute or 1-hour), allowing for institutional-level context while trading intraday.
• Automated Alerts: The script includes built-in notifications for price interactions with the 0.236 and 0.618 levels, as well as breakouts beyond major support or resistance.

Details

The script functions by utilizing a dynamic lookback window to calculate the range ($High - Low$). Unlike manual Fibonacci tools that require selecting specific swing points, this indicator updates in real-time as new price extremes are formed. The Fibonacci levels are calculated upward from the detected support level ($Low + (Range \times Ratio)$). This ensures the levels are always mathematically anchored to the most significant recent price action.

Settings

General Settings

• Lookback Period: Defines the number of bars used to detect the highest high and lowest low.
• Show Lines: Toggles the visibility of all support, resistance, and Fibonacci lines.
• Timeframe: Allows users to source price data from a different timeframe than the current chart.

Fibonacci Levels

• Show Fibonacci: Master toggle for the Fibonacci retracement levels.
• Level Toggles (0.236 - 0.786): Individual checkboxes to enable or disable specific ratios and customize their colors.

Label & Appearance

• Show Level Names: Displays the name of the level (e.g., "Resistance") next to the line.
• Show Prices: Displays the exact price value for each level.
• Text Size: Adjusts the font size of the on-chart labels.

FAQ

How do I access Support & Resistance + Fibonacci Retracement?

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

Can I use this for intraday scalping?

Yes, by reducing the Lookback Period (e.g., to 20 or 50), the indicator becomes more reactive to short-term volatility, making it suitable for lower timeframe analysis.

Why do the levels move?

The levels are dynamic; if price breaks to a new high or low within the lookback window, the support/resistance boundaries and the internal Fibonacci ratios will recalibrate to reflect the new market range.