█ Fibonacci retracement is a popular technical analysis method to draw support and resistance levels. The Fibonacci levels are calculated between 2 swing points (high/low) and divided by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%. The percentage represents how much of a prior move the price has retraced.
█ Our Auto Fibonacci Retracement indicator analyzes the market in real-time and draws Fibonacci levels automatically for you on the chart. Real-time fib levels use the current swing points, which gives you a huge advantage when using them in your trading. You can always be sure that the levels are calculated from the correct swing high and low, regardless of the current trend. The algorithm has a trend filter and shifts the swing points if there is a trend change.
The user can set the preferred swing move to scalping, trend trading, or swing trading. This way, you can use our automatic fib indicator to do any trading. The auto fib works on any market and timeframe and displays the most important levels in real-time for you.
█ This Auto Fib Retracement indicator for TradingView is powerful since it does the job for you in real-time. Apply it to the chart, set the swing move to fit your trading style, and leave it on the chart. The indicator does the rest for you. The auto Fibonacci indicator calculates and plots the levels for you in any market and timeframe. In addition, it even changes the swing points based on the current trend direction, allowing traders to get the correct Fibonacci levels in every trend.
█ How does the Auto Fib Draw the levels? The algorithm analyzes the recent price action and examines the current trend; based on the trend direction, two significant swings (high and low) are identified, and Fibonacci levels will then be plotted automatically on the chart. If the algorithm has identified an uptrend, it will calculate the Fibonacci levels from the swing low and up to the swing high. Similarly, if the algorithm has identified a downtrend, it will calculate the Fibonacci levels from the swing high and down to the swing low.
█ HOW TO USE The levels allow for a quick and easy understanding of the current Fibonacci levels and help traders anticipate and react when the price levels are tested. In addition, the levels are often used for entries to determine stop-loss levels and to set profit targets. It's also common for traders to use Fibonacci levels to identify resistance and support levels.
Traders can set alerts when the levels are tested.
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The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
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Gave this a thorough analysis on my charts this morning... binding the fib retracement to the swing move as you did has excellent results over the standard auto fib retracement built-in. For the new fib trader just learning or someone who might want to keep a larger swing bias on their chart while also scalping, this seems like an excellent addition. Thanks for making it free to use!
Zeiierman
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@upslidedown, Thank you very much for the great words! We are glad that you find it useful! Keep it up!
KhurramKzRajput
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If a trader has an idea of using the Fibonacci level (Trust me this indicator is a game changer) so big thanks to the creator.
Use Fibonacci with support and resistance and supply and demand with trend following (In Swing can apply for even scalping/swing trading/position trading as its built in option of changing the swing as per your style (Just so easy to understand what's going on in market)
Best option if a clear trend then from 0.618 finding a trade with a stop loss on 0.786 & just following the trend would give a good RRR or in case of Scalping excellent Win Rate Surely above 90%.
Still any advice from the creator ? as which are the best levels to take trades on.
Thanks a lot for this masterpiece Indicator (Any plan to have a script on this system) If it's used with support and resistance & supply and demand while following the trend)
Wonderful As Usual Zeii Bruh! FIB Levels Along with Swing Can Help in Making Bias.
Zeiierman
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@Kirandeepc, Thank you! Indeed a great complement! :D
Aydinizm
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@Zeiierman Thanks a lot mate! With this indicator, I started to earn regularly by using other pa concepts as well. I use this indicator for ote (optimal trade entry) and it works really great when combined with other pa concepts.
But I have a very important request from you. Can you add a filter so that the alarms will only activate on the first contact to the level we set on the indicator? Since I set alarms on too many pairs on Binance futures, alarms are triggered on every candle that touches the point I set for the alarm, which means a lot of alarms that I don't actually need. I'm too distracted. We already get the most effective reaction at the first contact. It will be really useful if we can ensure that the alarms are triggered only on the first contact to the alarm level we set. If you can add such a filter, whoever wants to use it with default settings, who wants to use it by filtering like me.
In addition, alarms are triggered every time the trend changes according to fibo. It would be great if you could add a filter that could make this optional as well. It triggers a lot of alarms because I'm scalping.
Thanks for this great indicator. I can say that it has really contributed to my trading life.