Auto Fibonacci tools are powerful ways designed to simplify your technical analysis by automatically drawing Fibonacci retracement and extension levels on your chart. This indicator is built to enhance your trading experience with clearer market moves and informative insights. You can easily spot your waves and patterns when the percentages are moving with you.
Key Features:
Automated Fibonacci Levels: Plots Fibonacci retracement and extension levels based on recent price movements.
Multi-Timeframe Support: This indicator is your versatile companion, offering multi-timeframe functionality. You can seamlessly track Fibonacci levels across different resolutions, providing a comprehensive view of the market.
Two Types of Fibs: Retracement and Timeframe extension Fibonacci levels. Use retracements to identify potential reversal points and extensions to anticipate price targets, giving you a well-rounded perspective on market movements.
Benefits:
Save Time: No more manual Fibonacci drawing; It does this for you in real-time.
Enhanced Analysis: Gain a deeper understanding of potential support, resistance, and price targets.
User-Friendly: Suitable for traders of all levels, this indicator simplifies complex technical analysis.
For the math lovers I started creating the ZigZag++ based on the MT4 calculation as I found it better performing than the tradingview inbuilt one. I have revised the calculation couple of times and now the final calculation is simple yet more accurate for my analysis. First, I observe the market direction for the last Depth setting by comparing the rate at which high values reduce and low values increase. When the number of ticks set by Deviation is crossed and the last cross is more than the Backstep candles, then we have our ZigZag points. These are the points we use in our Fibonacci calculation. Checkout ZigLib below to use the same logic in your scripts.
Sample usage
This is a 4 Hour configuration with the default settings. When the trend reversed, some key points I watch are 0.618 and 0.5. The market retraced back and formed the new point for the next ZigZag line on that level. This market behaviour happens quite often on these Fibonacci points. I would be looking for reversal or a break in this zone to know the next step.
Resources ZigZag++ Lib by me; for retrieving the line points. Fibonacci Toolkit by Lux Algo; For drawing the Timeframe Fibs. Very Amazing script.
@pramaniksumit1, I will add that feature on the next update.
karurashokkumar
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@DevLucem , is this lagging indicator? If it works in Real Time then it will be amazing
DevLucem
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@karurashokkumar, Yes this is a lagging indicator. It monitors price action
PulanozaurX
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The script does not work in MTF mode, i get error on bar 0. Can it be fixed?
PulanozaurX
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Would like to update my previous comment. The script works fine but spits error on bar0 only when using custom ticker formulas, such as AAPL/GOLD. Can it be improved for these specific scenarios?
rubioyon-gmail
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The blue and pink bands that indicate, what they are for?
mperez508
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Great indicator by the way, could you please add alerts for example when price touches or retouch fib level, thank.