dgtrd

Fibonacci Extension / Retracement / Pivot Points by DGT

Fɪʙᴏɴᴀᴄᴄɪ Exᴛᴇɴᴛɪᴏɴ / Rᴇᴛʀᴀᴄᴍᴇɴᴛ / Pɪᴠᴏᴛ Pᴏɪɴᴛꜱ
This study combines various Fibonacci concepts into one, and some basic volume and volatility indications

█  Pɪᴠᴏᴛ Pᴏɪɴᴛꜱ — is a technical indicator that is used to determine the levels at which price may face support or resistance. The Pivot Points indicator consists of a pivot point ( PP ) level and several support (S) and resistance (R) levels. PP , resistance and support values are calculated in different ways, depending on the type of the indicator, this study implements Fibonacci Pivot Points

The indicator resolution is set by the input of the Pivot Points TF (Timeframe). If the Pivot Points TF is set to AUTO (the default value), then the increased resolution is determined by the following algorithm:
   for intraday resolutions up to and including 5 min, 4HOURS (4H) is used
   for intraday resolutions more than 5 min and up to and including 45 min, DAY (1D) is used
   for intraday resolutions more than 45 min and up to and including 4 hour, WEEK (1W) is used
   for daily resolutions MONTH is used (1M)
   for weekly resolutions, 3-MONTH ( 3M ) is used
   for monthly resolutions, 12-MONTH (12M) is used

If the Pivot Points TF is set to User Defined, users may choose any higher timeframe of their preference




█  Fɪʙ Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛ — Fibonacci retracements is a popular instrument used by technical analysts to determine support and resistance areas. In technical analysis , this tool is created by taking two extreme points (usually a peak and a trough) on the chart and dividing the vertical distance by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%. This study implements an automated method of identifying the pivot lows/highs and automatically draws horizontal lines that are used to determine possible support and resistance levels


█  Fɪʙᴏɴᴀᴄᴄɪ Exᴛᴇɴꜱɪᴏɴꜱ — Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel AFTER a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse. This study implements an automated method of identifying the pivot lows/highs and automatically draws horizontal lines that are used to determine possible support and resistance levels.

IMPORTANT NOTE: Fibonacci extensions option may require to do further adjustment of the study parameters for proper usage. Extensions are aimed to be used when a trend is present and they aim to measure how far a price may travel AFTER a retracement/pullback. I will strongly suggest users of this study to check the education post for further details, where to use extensions and where to use retracements




Important input options for both Fibonacci Extensions and Retracements
Deviation, is a multiplier that affects how much the price should deviate from the previous pivot in order for the bar to become a new pivot . Increasing its value is one way to get higher timeframe Fib Retracement Levels
Depth, affects the minimum number of bars that will be taken into account when building


█  Volume / Volatility Add-Ons
High Volatile Bar Indication

Volume Spike Bar Indication

Volume Weighted Colored Bars


This study benefits from build-in auto fib retracement tv study and modifications applied to get extentions and also to fit this combo

Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely

The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script

릴리즈 노트: Update

- added ability to draw simultaneously Extensions or Retracements + Pivot Points. Multiple levels near one price is likely to be an important support or resistance area

- added ability to filter Pivot Points Support or Resistance Levels based on Price Action, special thanks to @AtomOfScent for his valuable suggestion
릴리즈 노트: typo correction
릴리즈 노트: added ability to draw historical pivot points
릴리즈 노트: minor update

* added option to be able to display price value in level lables

* only for pivot points, extending line can be customized to have different style of the line (extended part)
릴리즈 노트: quick update

only price option added for labels

@Borsamax thanks for the suggestion
릴리즈 노트: Update : Auto Fib Time Zones addition

thanks to new pine feature we can now use offsets of up to 500 bars into the future when using xloc.bar_index to position lines, labels, and boxes.

Benefiting from this new feature Fib Time Zones are added
- Deviation and Depth input is a common settings for Fib Retracements/Extensions and now Fib Time Zones
- Historical Fib Time Zones determination is made independent from Fib Retracements/Extensions

Please note since the limit is 500 bars in the feature in case any Fib Time Zone exceeds this limit the lines which exceeds the limit will not be plotted

Special thanks to @Arun_K_Bhaskar for his valuable suggestion


Additionally,

Some enchantment with Pivot Points plotting
- Users will be able to select “Quarterly” and “Yearly” Time Frame when TF preference is selected as “User Defined”
- Negative Pivot Levels are not drawn anymore
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dgtrd Borsamax
Çok teşekkürler @Borsamax 🙏
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Thank you for being you!!! :-)
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dgtrd Meowella7777
:) Thank You @Meowella7777, i am so happy if my studies helps traders to make better trading decisions
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Amazing work, as always!
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dgtrd SyntheticTrades
Thank You @SyntheticTrades
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@dgtrd, Any specific reason to have the volume moving average length as 89 ? It'll be helpful if you could clarify .
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dgtrd Manoj_Murali
Hello @Manoj_Murali, it is not a scienteficlly proven choise, it is based on my observation of my tests with "Price Action - Support & Resistance" study. I like to use volume in my studies and have been testing them quite and it appeared to me that 89 best suits with the interpretation i did

"Price Action - Support & Resistance" study :

"Neglected Volume" study and educational post :
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@dgtrd, Thanks for your reply . I have been using an ATR based support / resistance range based zones . The support / resistance lines from yours do match with it . But was curious to know the rationale behind 89 . Anyhow thanks again.
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dgtrd Manoj_Murali
hello @Manoj_Murali,

"Price Action - Support & Resistance" study besides volume, increasing price and volume also benefits from atr, may be its similarty with atr part

i have tested various lenghts in most cases i was using 20 (most common length for many indicators) but with this one i have observed better results when set to higher values
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