Cap's Dual Auto Fib Retracement

27 May

This will draw both a bullish retracement and a bearish retracement. It's defaulted to just show the 0.618 level as I feel like this is the "make or break" level.

- A close below the bullish 0.618 retracement would be considered very bearish.
- A close above the bearish 0.618 would be considered very bullish.
(You can still configure whichever levels you want, however.)

This script was removed by TradingView last time it was published. I couldn't find another script that would provide both bearish/bullish retracements, so I'm assuming this is "original" enough. Maybe it was removed because the description wasn't long enough, so...

Detailed Description:

This indicator automatically plots Fibonacci retracement levels based on zigzag pivot points for both bullish (low-to-high) and bearish (high-to-low) price movements. It identifies key pivot points using a customizable deviation multiplier and depth setting, then draws Fibonacci levels (0, 0.236, 0.382, 0.5, 0.618, 0.786, 1) with user-defined visibility and colors for each level.
Features:
Deviation: Adjusts sensitivity for detecting pivots (default: 2).

Depth: Sets minimum bars for pivot calculation (default: 10).

Extend Lines: Option to extend lines left, right, or both.

Show Prices/Levels: Toggle price and level labels, with options for value or percentage display.

Labels Position: Choose left or right label placement.

Background Transparency: Customize fill transparency between levels.

Alerts: Triggers when price crosses any Fibonacci level.

Usage: Apply to any chart to visualize potential support/resistance zones. Adjust settings to suit your trading style. Requires sufficient data; use lower timeframes or reduce depth if pivots are not detected.
Note: This is a technical analysis tool and does not provide trading signals or financial advice. Always conduct your own research.

4 gün önce

Sürüm Notları

updating chart picture with other indicators removed to make the mods happy.

4 gün önce

Sürüm Notları

updating with clean chart image (all other drawings/text/indicators) removed.