Fibonacci Extensions and Retracements for Selected Timeframes

7일 전

Purpose of the Script

This script plots Fibonacci levels (retracements and extensions) based on the high and low points of the previous day, previous week, or previous month. It is a trading aid to help identify potential support and resistance zones. These zones are often used by traders to determine entry or exit points for trades.

How It Works
Select Timeframe
The trader can choose whether to calculate Fibonacci levels based on the high and low points of the previous day, previous week, or previous month.

This is selected using the timeframe_input input.
Examples:
"D" for the previous day
"W" for the previous week
"M" for the previous month
Calculate Price Range
The script calculates the price range using the high and low of the selected timeframe:

Formula: price_range = High - Low
Draw Fibonacci Levels

Retracements: Within the price range, Fibonacci levels such as 12%, 23%, 38%, 50%, 61%, 78%, and 88% are calculated. These help identify potential support or resistance zones.
Extensions: Beyond the price range, Fibonacci extensions such as 127%, 161%, 200%, 224%, and 241% are plotted to indicate potential breakout targets.
Visualization

The script plots lines and labels for each level.
These lines extend to the right, providing real-time guidance during trading.
Colors and line styles can be customized to match personal preferences.
How to Use as a Trading Aid
Use Fibonacci Retracements:

Use retracements (e.g., 38%, 50%, 61%) to identify potential support or resistance zones.
Example: If the price dropped sharply the previous day, the retracement levels could act as support during a rebound.
Use Fibonacci Extensions:

Extensions help identify price targets when the price breaks above or below the high or low of the previous day, week, or month.
Example: After a breakout above the previous week’s high, the 127% or 161% level could serve as a target.
Adjust Timeframe:

Choose the timeframe that suits your strategy:
Intraday traders can use the previous day’s high and low.
Swing traders might prefer the previous week.
Long-term traders could work with the previous month.
Example
A trader selects the weekly timeframe (W) to analyze the high and low of the previous week:

The script calculates the price range based on the high and low of the previous week.
Fibonacci retracements (e.g., 50% and 61%) are drawn to identify potential support zones.
Fibonacci extensions (e.g., 127% and 161%) help define price targets for a potential breakout above or below the range.

4일 전

릴리즈 노트

Update 25.12.2024
The alert function in the script is designed to notify the user when the price reaches a specific Fibonacci level. These levels are based on the previous high and low points of the selected timeframe (e.g., daily, weekly, or monthly chart).

How it works:
You can select a Fibonacci level from the menu (e.g., 61%, 100%, 161%, etc.). When the closing price crosses or touches this level, an alert is triggered.
The alert sends a message informing you which Fibonacci level was reached, allowing you to assess the market situation for potential trading opportunities.

Use case:
Fibonacci levels are often used as support or resistance zones. With this alert function, you can ensure you don’t miss any significant market movement.