TradeChartist

TradeChartist Fib Master

™TradeChartist Fib Master is a versatile Fibonacci Support and Resistance indicator that can be used to plot Automatic Levels and Fibonacci Levels based on a variety of ways from the settings, including Auto Fibs plot by connecting to an external indicator.

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What does ™TradeChartist Fib Master do?


  • Plots Automatic Levels without the need for user input

  • Plots 3 types of Fibonacci Levels

════ 1. Auto-Fibs (by connecting to an external indicator - Oscillatory or non-Oscillatory)

════ 2. Fibs based on Lookback (Lookback type - Candles or Days)

════ 3. Fibs based on Price Input

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Detailed description of ™TradeChartist Fib Master features


╔══Automatic Levels Generator══╗


Enabling Plot Automatic Levels plots support and resistance levels automatically without any input from the user other than preferred levels plot from the indicator settings namely,

  • Plot Local Levels for Lower TF - Plots all important Support/Resistance levels for mostly smaller time frames (can be used for up to 1hr in most cases). Recommended for Scalping/Swing Trading mostly dependent on volatility .

  • Plot Local Levels for Higher TF - Plots all important Support/Resistance levels inferred from mostly time frames - Short to Mid term outlook.

  • Plot Extended Levels for Higher TF - Plots all important Support/Resistance levels inferred from very higher time frames - Mid to Long term outlook.

  • Use Trading View Data Window to make effective use of the levels.

Tip: Add a duplicate Fib Master indicator to chart, use Automatic Levels Generator and increase transparency of Fib colours to 100. This helps view the levels on Data Window while having the Fib plots on chart.

Note: Uncheck Plot Automatic Levels to enable Fibonacci plots from Fibonacci Levels Generator


╔══Fibonacci Levels Generator══╗


════ 1. Auto-Fibs ════


  • Almost any indicator plot or Signal (Oscillatory or non-Oscillatory) can be connected to Fib Master to generate automatic fib levels. This is done by automatically detecting the price trend based on the connected indicator, its corresponding highest high and lowest low prices of each trend.

  • Also, Fib Master plots Bull (default - green) and Bear (default - red) Zones background including the signal candle (default - orange), where the trend changes based on the connected indicator Signal. This helps detect the effectiveness of the connected indicator Signal too, as too many unproductive signals from the connected indicator will create numerous Bull and Bear Zones (which also will render the Auto-Fibs ineffective).

  • To connect an external indicator Signal, just choose the corresponding Signal plot from the Plug Indicator Here dropdown from settings and choose whether the connected signal is Oscillatory (for Oscillators like RSI , CCI , MACD , Trend Identifier signals from more complex indicators like ™TradeChartist Bollinger Bands and Donchian Channels Pro etc.) or non-Oscillatory (for plots like Moving Averages, Super Trend, Ichimoku plots like Kijun Sen etc.)

  • If the connected Signal is Oscillatory, enter the filter levels. Default is 0 for both fields as most Oscillators have 0 as their mean reversal zone. For Oscillators like RSI , 60/ 40 , 50/50, 55/45 etc. can be used.

Note: Please test the performance and effectiveness of Auto-Fibs of connected Signal first before using it for trades.


════ 2. Fibs based on Lookback ════


  • Lookback type - Candles

Determines the High and Low price of the user input number of Candles back (100 default) and plots Fibonacci Levels based on the calculated High and Low for the number of candles in the past from the current candle. The levels stay intact on any time frame as long as no new Highs or Lows are formed.

  • Lookback type - Days

Determines the High and Low price of the user input number of Days back (100 default) and plots Fibonacci Levels based on the calculated High and Low for the number of days in the past from the day of the current bar. The levels stay intact on any time frame as long as no new Highs or Lows are formed.


════ 3. Fibs based on Price Input ════


Plots Fibonacci Levels based on the user specified High and Low Price in the settings input fields. The levels stay intact on any time frame irrespective of new Highs or Lows being formed. Manual Price Input will enable the trader to keep the Levels intact and visually see the higher Fibonacci Retracement levels, when the price crosses beyond 100% retracement. On the other two lookback types, the Fibonacci levels are displayed only upto 100% retracement.

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Note: Show Auto-Fibs from current High/Low

When this option is chosen from indicator settings, the Auto-fib levels are drawn from the highest high of the trending price direction to lowest low of last trend for uptrend or vice-versa for downtrend.

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Extra Features


  • The Fibonacci levels can also be reversed by enabling Reverse Fibonacci Levels option from the settings.

  • 0.886 and 1.113 Fib levels can be plotted on chart by enabling Show 0.886 and 1.113 Fibs from settings, as these are important levels for harmonic pattern traders.

  • Fib Line and Label Style including Color, transparency, size etc. can be changed from settings based on user preference.

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Example Charts


XAU-USD Gold Daily chart using Automatic Levels Generator with Zones identified when connected to external indicator



BTC-USDT Daily chart using Automatic Levels Generator



SPX 1hr chart using Automatic Levels Generator



ETH-USDT 1hr chart using AutoFibs generated by connecting Fib Master to RSI with 60/ 40 Filter levels



XAG-USD ( Silver ) 1hr chart using Fibonacci Levels based on lookback



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Best Practice: Test with different settings first using Paper Trades before trading with real money

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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)

Premium Scripts - Trial access and Information


Trial access offered on all Premium scripts.

PM me directly to request trial access to the scripts or for more information.

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Get in touch with me if you would like access to my Premium scripts for a trial before deciding on lifetime access.

Telegram - @Trade_Chartist

Free Scripts - http://bit.ly/Free-Scripts
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