Fib Retracement ( AUTO)

Key Features:

Automatic Pivot Detection:

Uses ZigZag algorithm to identify significant highs and lows

Configurable depth and deviation settings for pivot sensitivity

Automatically updates with new price data

Fibonacci Levels:

Standard retracement levels: 0%, 23.6%, 38.2%, 50%, 61.8%, 78.6%, 100%

Optional negative extension levels (-23.6%, -38.2%, -61.8%, -65%)

Clean visual presentation without extension levels beyond 100%

Customization Options:

Deviation: Controls sensitivity of pivot detection (higher values = fewer pivots)

Depth: Minimum bars between pivot points

Reverse: Switch between measuring from high-to-low or low-to-high

Extend Lines: Choose to extend lines left, right, both, or none

Display Format: Show levels as values or percentages

Label Position: Place labels on left or right side

Background Transparency: Adjust shading between levels

Visual Elements:

Colored horizontal lines at each Fibonacci level

Clear price labels aligned properly with levels

Optional background shading between levels

Dashed gray line connecting the pivot points

Alert System:

Automatic alerts when price crosses any Fibonacci level

Customizable alert messages with symbol and level information

Usage:
Traders use this indicator to identify potential support and resistance levels, entry/exit points, and to gauge the strength of price retracements within trends. The automatic nature eliminates subjective drawing and ensures consistent application of Fibonacci principles across different charts and timeframes.

Ideal For:

Swing traders looking for retracement entries

Position traders identifying key levels

Technical analysts automating Fibonacci analysis

Any trader wanting objective Fibonacci level placement

The indicator works across all timeframes and markets, providing reliable Fibonacci retracement levels without manual intervention.