OPEN-SOURCE SCRIPT
Fibonacci IntraDay Range [UkutaLabs]
Updated
█ OVERVIEW
The Fibonacci IntraDay Range is a powerful trading tool that combines recent price action data with key Fibonacci ratios to identify strong levels of support and resistance.
The purpose of this script is to simplify the trading experience of users by identifying and labelling strong levels of support and resistance that they should be aware of.
█ USAGE
At the beginning of each trading day, the Fibonacci IntraDay Range indicator will calculate the average total range of the past 14 trading days. This average will be drawn on either side of the open, then several more levels will be drawn between them using Fibonacci ratios.
These levels can be treated as levels of support and resistance that can be incorporated into many different trading strategies.
Each line will also have an identifying label so traders will know at a glance what each line represents. These labels can be toggled in the settings.
█ SETTINGS
Configuration
• Show Labels: Determines whether or not labels will be drawn on each line.
• Display Mode: Determines the number of days to load.
• Font Size: Determines the font size of labels.
• Text Alignment: Determines the alignment of labels on their respective line.
The Fibonacci IntraDay Range is a powerful trading tool that combines recent price action data with key Fibonacci ratios to identify strong levels of support and resistance.
The purpose of this script is to simplify the trading experience of users by identifying and labelling strong levels of support and resistance that they should be aware of.
█ USAGE
At the beginning of each trading day, the Fibonacci IntraDay Range indicator will calculate the average total range of the past 14 trading days. This average will be drawn on either side of the open, then several more levels will be drawn between them using Fibonacci ratios.
These levels can be treated as levels of support and resistance that can be incorporated into many different trading strategies.
Each line will also have an identifying label so traders will know at a glance what each line represents. These labels can be toggled in the settings.
█ SETTINGS
Configuration
• Show Labels: Determines whether or not labels will be drawn on each line.
• Display Mode: Determines the number of days to load.
• Font Size: Determines the font size of labels.
• Text Alignment: Determines the alignment of labels on their respective line.
Release Notes
- Labels will now display their price.Release Notes
-Added a new setting: Days To Load. This setting allows the user to configure the number of days that the calculations are based on.-Fixed bug that caused levels not to be drawn when the chart is not loading the configured number of days needed for calculations.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.