Fibonacci - DolphinTradeBot

1. OVERVIEW
   The 'Fibonacci - DolphinTradeBot' indicator is a Pine Script-based tool for TradingView that dynamically identifies key Fibonacci retracement levels using ZigZag price movements. It aims to replicate the Fibonacci Retracement tool available in TradingView’s drawing tools. The indicator calculates Fibonacci levels based on directional price changes, marking critical retracement zones such as 0, 0.236, 0.382, 0.5, 0.618, 0.786, and 1.0 on the chart. These levels are visualized with lines and labels, providing traders with precise areas of potential price reversals or trend continuation.
   
2. HOW IT WORKS ?
   The indicator follows a zigzag formation. After a large swing movement, when new swings are formed without breaking the upper and lower levels, it places Fibonacci levels at the beginning and end points of the major swing movement."
   
   ▪️(Bullish) Structure:High → HigherLow → LowerHigh
   
   
   
   
   
   ▪️(Bearish) Structure:Low → LowerHigh → HigherLow
   
   
   
   
   
   ▪️When Fibonacci retracement levels are determined, a "📌" mark appears on the chart.
   ▪️If the price closes outside of these levels, a "❌" mark will appear.
   
   
3. USAGE
   This indicator is designed to plot Fibonacci levels within an accumulation zone following significant price movements, helping you identify potential support and resistance. You can adjust the pivot periods to customize the zigzag settings to your preference. While classic Fibonacci levels are used by default, you also have the option to input custom levels and assign your preferred colors.
   Set the Fibonacci direction option to "upward" to detect only bullish structures, "downward" to detect only bearish structures, and "both" to see both at the same time.
   "To view past levels, simply enable the 'Show Previous Levels' option, and to display the zigzag lines, activate the 'Show Zigzag' setting."
   
   
4. ALERTS
   The indicator, by default, triggers an alarm when both a level is formed and when a level is broken. However, if you'd like, you can select the desired level from the "Select Level" section in the indicator settings and set the alarm based on one of the conditions below.
   ▪️cross-up → If the price breaks the Fibonacci level to the upside.
   ▪️cross-down → If the price breaks the Fibonacci level to the downside.
   ▪️cross-any → If the price breaks the Fibonacci level in any direction.