Overview: This Pine Script™ is a specialized tool for traders, designed to automatically plot Fibonacci retracement levels over a user-defined date range in trading charts. It also indicates the extent of price retracement within these levels.
Key Features:
Date Range Customization: Users can specify the start and end dates to focus the analysis on a particular trading period.
Dynamic Fibonacci Levels: The script includes various Fibonacci ratios (0.0, 0.236, 0.382, 0.5, 0.618, 0.786, 1.0), with the flexibility to enable or disable individual levels.
Visual Customization: Each Fibonacci level can be customized for color and line style (solid, dotted, dashed). Labels for each level are also configurable.
Retracement Measurement: The script not only draws the Fibonacci levels but also measures and displays how much the price has retraced within these levels.
Extension and Additional Options: Users have options to extend the Fibonacci lines and additional features such as using close values, trend drawing, date range display, and more.
Technical Insights:
The script identifies high and low values within the selected time frame, assessing the market's trend direction.
Within the specified date range, this script effortlessly plots the Fibonacci levels automatically, bringing clarity and precision to your market analysis as it unfolds.
The tool's adaptability makes it suitable for various trading styles and chart preferences.
Intended Use: This script is particularly valuable for technical analysts and traders who use Fibonacci retracements to identify potential support and resistance areas and understand the depth of market corrections or rallies.
Disclaimer: This Pine Script™ is offered 'as is', without any guarantees or warranties. It is intended for informational purposes and should not be taken as investment advice. Atilla Yurtseven, the creator of this script, assumes no responsibility for any financial losses or gains that may result from its usage. Users should perform their own due diligence and consult with professional advisors before making any investment decisions.
this script needs to be dynamic .. automatically updating as price goes forward .. check out "Dynamic Fibonacci Retracement HG" the logic is much more simple and draws the same levels as your script .. you script is good but just needs to be dynamic - thx
mildGnu34758
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@MHermes, I understand what you are saying, but the way this script works is just what I was looking for ... it's the only one I found that you can set a fixed date range. A big thanks to the author.
MHermes
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@mildGnu34758, I like this script but I found one that works batter in the sense you can adjust the lookback period .. Dynamic Fibonacci Retracement by Hoan Ghetti
mildGnu34758
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@MHermes, True, but if you need a script with *fixed* time period, this script is the one.
MHermes
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@mildGnu34758, yes true but i found myself going to different look-back periods .. like intermediate high to last high, to even further back .. fibs are subjective and there's nothing fixed about them .. from my point of view
Wow!! This is otherworldly!!! Is it possible to shrink the labels & allow visible color change options? Also would you extend more options for custom Fibonacci ratios? Thanks again for an outstanding script!!!
AtillaYurtseven
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@Peeps_100, changing color option is already there and you have the source :)
bunulu
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@AtillaYurtseven, just a suggestion, instead of manually selecting left, right points you can check high, low values on visible viewport