The thicker White lines are the ADR levels; all other lines are the same value adjusted by the various Fibonacci values.
A simpler version of this concept can be seen in my other script, Average Daily Range Zones, which does not include the Fibonacci ratio zones.
Thanks to @Hank Hill for the original idea and TV for the feedback and support on the use of the security() function.
Also thanks to @GoldenCross for the Fibonacci obsession.
2. Added a toggle for price lines for the current day's fib levels.
- Added a toggle for disabling plots completely on non-intraday charts.
- Added titles to plots for the Style menu.
- Fixed the lines/fill between days to get rid of unnecessary clutter.
- Added a "Fibonacci Scale" input option for scaling the size of the Fibonacci zones.
- Added an input option for changing the color of the plot of the opening price.
- Added an experimental feature that allows the fib levels to be calculated with Standard Deviation or Variance of price instead of the Average. "Basic" is the standard ADR mode.
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.