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Auto Fibonacci Retracement level indicator for Tradingview
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This is a Permanent access license, please provide your Tradingview ID along with your payment.
The Fibonacci retracement is also called the golden mean or golden section.
It has been used to analyze the proportions of natural objects as well as man-made systems such as financial markets.
The mathematics of the golden ratio and of the Fibonacci sequence is intimately interconnected. The Fibonacci sequence is:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, ....
The golden ratio is the limit of the ratios of successive terms of the Fibonacci sequence (or any Fibonacci-like sequence).
This Fibonacci retracement level indicator automatically plots 7 support and resistance levels on the chart based on a selected number of bars.
How it works?
It shows the Fibonacci retracement support and resistance levels for a given range and display the corresponding ratio on the right side of the levels. The price range and levels are adjustable by user, you can easily identify the major and minor support/resistance levels from the chart with your desired inputs.
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Features and inputs:
- Show Level Label, enable to display the level on chart.
- Range, it's the number of bars used to detect the highest and lowest price. The default value is 300 it means the indicator will plot the Fibonacci retracement based on the price range of last 300 bars.
- If you want to use different ratios other than the default ones, you can change them from input Level1 to Level5.
- You can change the color of each level line from the following available colors: silver, gray, white, maroon, red, purple, fuchsia, green, lime, olive, yellow, navy, blue, teal, aqua, orange.
- The highest and lowest level are auto-detected and can't be changed.
- Line style: you can choose from: Solid, Dotted and Dashed.
1 is Solid like this: ______________________
2 is Dashed - - - - - - - - - - - - - - - - - - -
3 is dotted ............................................
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It works on all timeframes and Renko, Heikin Ashi, Bars, Candle and Line chart types.
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There are also 10 pre-set alert conditions for you to choose.
For example, if you chose "Cross over Level 1", an alert will be triggered when close price cross above level 1.
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