PriceCatch Ultimate Auto Fibonacci Levels

16 Kas 2022

Hello and Warm Greetings to TradingView community.

PriceCatch Ultimate Auto Fibonacci Levels
The only Fibonacci Levels script you'll ever need.

The Problem
One of the problems faced by traders who use Fibonacci levels is that they have to draw the levels manually on their charts. It's tedious and sometimes leads to inaccuracies in identifying correct levels.

Secondly, while there are so many Auto Fibonacci scripts available in the Public Scripts Library, most of them are not really useful as they are very limited in their capability for the following reasons:

• either they are based on historical bars or historical pivots - user has to enter the number of historical bars or pivots for the starting point of the Fibonacci Levels.
  
• they are time-frame dependent and re-plot levels when chart's time-frame changes. This is a very serious limitation with most scripts.
  
• they do not offer real and practical user settings.
  
• many of them are not actually pure Fibonacci Levels scripts.
  

Limitations with other Auto Fibonacci scripts
Other Fibonacci scripts ask user to specify a number of historical bars or pivots to draw the Fibonacci levels. This is a major problem with such scripts - because 50 historical bars on the daily time frame changes to 50 historical bars on the 4H if you change the chart's time-frame to 4H, thereby altering the position of the Fibonacci levels. So, the desired view that the user seeks about price action is not what he/she gets whenever the time-frame changes. Similarly with specifying Pivots. For example, for a swing trader who specifies Pivots, the number of pivots that occur in one month varies depending on the chart's time-frame. So after trying these scripts, users quickly realize that these scripts do not serve purpose.

PriceCatch Ultimate Auto Fibonacci Levels - Unparalleled advantage
The PriceCatch Ultimate Auto Fibonacci Levels script that I am publishing is completely different from other Fibonacci scripts on the TradingView Public Library. My script offers users unparalleled flexibility and options to use it effectively and to suit their trading style. With PriceCatch Ultimate Auto Fibonacci Levels script, user has the ability to choose a variety of options to draw the Fibonacci levels from Current Day, Previous Day all the way up to 52 weeks. Not only that, users can also set their own levels via input options and that makes it even more adaptive to a user's specific needs. So, if you do not want 0.382 level and want the level to be at 0.312, yes, you can do that with this script.

Time-frame independence
This script works independent of the chart time frame and this is it's USP. So, while your chart may be set to 15 minutes time-frame, you can set the script to draw Fibonacci levels of Previous Week, last 3 days or any other available interval of your choice and it will draw it accurately. What's more, you can change your chart's time-frame to any interval of your choice and the Fibonnacci levels stay fixed and true to the chosen option. This ability is very helpful to the user because while the Fibonacci levels are drawn based on the chosen interval's high and low, user can then choose any chart time frame to trade on the drawn Fibonacci levels. This is the crucial difference and big advantage of PriceCatch Ultimate Auto Fibonacci Levels script from other scripts.

Chart type independence
PriceCatch Ultimate Auto Fibonacci Levels script is also independent of chart type. You can set your chart to Bars, Japanese, Hollow, Heikin-Ashi or even line style and this script accurately draws the Fibonacci levels as the logic is independent of chart type.

Time series
For traders who combine Time-Series also in their trading set-up with Fibonacci levels, this script includes Time-Series as well to aid those traders.

Highly configurable
With a number of configuration options, PriceCatch Ultimate Auto Fibonacci Levels script offers utmost flexibility and ease of use to every user.

Practical and really useful
I have written the script after careful study of all the other available scripts and only then took on this project. Once you look at other scripts and what they lack, you will realize my script is all-rounded, very flexible with a wide variety of options to choose from. All of these features make PriceCatch Auto Fibonacci Levels script unique, very powerful and highly useful to traders.

Use Cases

Intraday
If you trade intraday, setting the interval to 3D (3 days) will give you Fibonacci levels of last three days. This may be useful in taking intraday trades by knowing probable support and resistance levels in that period. Then, you can trade on 1 minute, 3 minutes, 5 or any other intraday time frame of your choice.

Swing / Long term trading
For swing or long term traders, setting the interval to PM (previous month) or CQ (current quarter) will help you find probable support / resistance levels in that period that you can use to plan your trades. Then, of course, with the 52W setting, you can take a really long term view of the asset.

Multiple Advantage
Since you can add the script more than once to your chart, you can set one script to a longer time frame and another to a shorter one to form a combination of Fibonacci levels to give you even more precise and desired information about price action and to help you plan/manage your trades.



A Sample
GBPUSD with CQ (Current Quarter) setting



NOTE - PRIOR TO USING THIS SCRIPT
Please remember that the script is shared with absolutely no assurances about usability and any warranties whatsoever and as a responsible trader, please satisfy yourselves thoroughly and use it only if you are satisfied it works for you. Remember, you are 100% responsible for your actions. If you understand and accept that, you may use the script.


QUERIES/FEEDBACK
Please PM me.

I have to thank Bjorgum for helping me out with this script.

Hope you find this script useful. Wish everyone all the best with trading.