ATR Trailing SL Fibonacci

ATR Trailing SL Fibonacci Indicator
This indicator combines ZigZag pattern detection with Fibonacci analysis to identify potential support and resistance levels for setting trailing stop losses.

Core Components:
ZigZag Pattern Detection

Uses imported ZigZag library to identify significant price swings

Configurable parameters:

depth: Minimum price movement threshold

deviation: Minimum deviation between swing points

backstep: Number of bars required for reversal confirmation

Fibonacci Analysis

Two display modes:

Retracements: Horizontal Fibonacci levels between ZigZag points

Timezone: Vertical Fibonacci time projections

Customizable Fibonacci levels with individual color settings

Customizable Fibonacci Levels:
Fib 0 (0%) - White

Fib A (23.6%) - Blue

Fib B (38.2%) - Green

Fib C (50%) - Gray (Default: ON)

Fib D (61.8%) - Orange

Fib E (78.6%) - Red

Fib F (100%) - White (Default: ON)

Display Features:
Visual Elements:

ZigZag line connecting swing points (toggleable)

Fibonacci level lines with colored labels

Price level labels at each Fibonacci line

Background color indicating trend direction

Customization Options:

Adjustable label sizes for Fibonacci levels and price labels

Timeframe selection for analysis

Source price selection (High/Low)

Technical Implementation:
Dynamic Updates: Automatically redraws Fibonacci levels when new ZigZag points are detected

Memory Management: Cleans up previous lines and labels to maintain chart cleanliness

Multi-timeframe Analysis: Uses request.security() for higher timeframe analysis

Trading Applications:
Stop Loss Placement: Use Fibonacci levels as dynamic trailing stop levels

Support/Resistance Identification: Key Fibonacci levels act as potential reversal zones

Trend Analysis: ZigZag direction helps identify overall market structure

Risk Management: ATR-based approach to setting stop losses relative to volatility

Usage Tips:
The 50% and 100% levels are enabled by default as they represent key psychological levels

Combine with other indicators for confirmation of Fibonacci level reactions

Use the background color as a quick visual reference for trend direction

Adjust the ZigZag parameters based on market volatility and timeframe

This indicator is particularly useful for traders who employ Fibonacci-based trading strategies and want a systematic approach to setting trailing stop losses based on market structure and key retracement levels.