This is a daily pre market fib tool. Basically, it looks at your premarket price action and generates a set of fibs. From there, it cross references bearish vs bullish fibs, creates a bear and bull zone to watch for during the day. Finally it draws associated fib levels in each direction are plotted/shaded to represent possible price levels for the day.
The lines will redraw/update every day at open, 930 est and then be there on the chart all day until the following open. These zones are meant to be a reference point for the current trading day only.
Intended use:
To provide educational content about the short term movement of an asset. Can be used on any time frame. But remember, it updates at 930 at open for each day and is only applicable to the current trading day.
Disclaimer:
NOT intended to be a sole source of Technical Analysis or anything more than an educational tool!
Release Notes
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fixed UI
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fix bull zone label so it reads better
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Added option to auto delete the lines at premarket open on the next day. If you find it annoying or confusing that the previous zones are still showing up from the day before, you can check this option.
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set fill on all the zones to white once they expire from the previous day to prevent confusion in premarket next day
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added opening price line for reference
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Logic update...
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Updated with Tweaks based on Arcane Society collaboration.
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Couple UI changes
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fix ui bug with inactive zone shading
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Update to UI to fix label placement.
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added neutral zone area, updated label text
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Added support for ES and NQ charts, builds off the Extended Hours price movements and creates the data to be used during Regular trading hours only (basically the same way it works for stocks)
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Added price values to the bull, bear, neutral zone lines
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minor updates, tweaked display name
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updated UI, added 3x 4x fib extensions, added Auto Hide feature to only show relevant levels (beta feature)