[HM] Fibonacci Fractals Absolute Auto v20221114

HelionMelion Updated   
F - Fibonacci levels
F - fractals: retracement of retracement
A - absolute: based on two fixed points instead user chosen Fibonacci points
A - auto: automatically draws based on volatility

This script will automatically trace TWO Fibonacci levels from these points:

This is our first Fibonacci FRACTAL retracement and the line caption will show ONE character:
"↥" for 0.618
"↧" for 0.382

The FRACTAL with two lines will define THREE regions.
The second Fibonacci FRACTAL retracement will show TWO characters:
the same "↥" "↧" characters with:
"a" if the price is between TOP region of previous fractal
"b" if the price is between MIDDLE region of previous fractal
"c" if the price is between BOTTOM region of previous fractal

The third Fibonacci FRACTAL will show THREE characters and so on.

Delimited by volatility (otherwise this script will go to 10th fractal maximum).

OPTIONS to give a try:
- use ALL TIME HIGH and ZERO prices (instead ATH and ATL )
- use a non-Fibonacci retracement:
---> "⅓": 1/3 and 2/3 levels instead 0.618 and 0.382 (based on chess master Hindenburg Melão article hint)
---> "fibonaccing": 0.764 and 0.236 levels (based on Brazilian trader Marco Antonio Rossi method hint)

#script under development, sugestions and questions are welcome.
Release Notes:
- suddently, the "2/3" does not work anymore, had to change it to " float(2)/3 " (code line 8)

- default color changed to orange
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 a publication is governed by House Rules. You can favorite it to use it on a chart.


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.

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