Auto Fib Retracement [Syafiq.Jr]

1 Sep

This TradingView script is an advanced indicator titled "Auto Fib Retracement Neo [Syafiq.Jr]." It's designed to automatically plot Fibonacci retracement levels on a price chart, aiding in technical analysis for traders. Here's a breakdown of its functionality:

Core Functionality:
The script identifies pivot points (highs and lows) on a chart and draws Fibonacci retracement lines based on these points. The lines are dynamic, updating in real-time as the market progresses.

Customizable Inputs:

Depth: Determines the minimum number of bars considered in the pivot point calculation.
Deviation: Adjusts the sensitivity of the script in identifying new pivots.
Fibonacci Levels: Allows users to select which retracement levels (236, 382, 500, 618, 786, 886) are displayed on the chart.
Visual Settings: Customization options include the colors and styles of pivot points, trend lines, and the retracement meter.
Pivot and Line Calculation:
The script calculates the deviation between the current price and the last pivot point. If the deviation exceeds a certain threshold, it identifies a new pivot and draws a trend line between the previous pivot and the current one.

Visual Aids:
The indicator provides extensive visual aids, including pivot points marked with circles, dashed trend lines connecting pivots, and labels displaying additional information like price and delta rate.

Performance:
Optimized to handle large datasets, the script is configured to process up to 4000 bars and can manage numerous lines and labels efficiently.

Background and Appearance:
The script allows for customization of the chart background color, enhancing visibility based on user preferences.

In essence, this script is a powerful tool for traders who rely on Fibonacci retracement levels to identify potential support and resistance areas, allowing for a more automated and visually guided approach to market analysis.