indicator · on price · open source
Fibonacci Retracement
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About
Auto Fibonacci retracement drawn from the last confirmed swing high to the last confirmed swing low, with the 0.236, 0.382, 0.5, 0.618 and 0.786 levels plotted as horizontal lines.
- Updates only when a new swing prints (no repaint).
- The 0.618 and 0.786 levels are the highest-probability reversal zones for trend retracements.
Source code
//@version=5
indicator("Fibonacci Retracement", overlay=true)
swing = input.int(10, "Swing length", minval=2, maxval=50)
high1 = ta.valuewhen(not na(ta.pivothigh(high, swing, swing)), high[swing], 0)
low1 = ta.valuewhen(not na(ta.pivotlow(low, swing, swing)), low[swing], 0)
range_ = high1 - low1
f236 = low1 + range_ * 0.236
f382 = low1 + range_ * 0.382
f500 = low1 + range_ * 0.5
f618 = low1 + range_ * 0.618
f786 = low1 + range_ * 0.786
p_0_236 = plot(f236, "0.236", color=color.orange, style=plot.style_linebr)
p_0_382 = plot(f382, "0.382", color=color.orange, style=plot.style_linebr)
p_0_5 = plot(f500, "0.5", color=color.yellow, style=plot.style_linebr)
p_0_618 = plot(f618, "0.618", color=color.orange, style=plot.style_linebr)
p_0_786 = plot(f786, "0.786", color=color.orange, style=plot.style_linebr)
alertcondition(ta.crossover(close, f618), "Above 0.618", "Close crossed above the 0.618 fib")
alertcondition(ta.crossunder(close, f382), "Below 0.382", "Close crossed below the 0.382 fib")
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