Dynamic FIB Retracement

Dynamic FIB Retracement.

Description:
This indicator automatically plots dynamic Fibonacci retracement levels (0.382, 0.5, 0.618) based on the highest high and lowest low of the selected lookback period on the current timeframe. It also provides Buy Above / Sell Below signals at the 0.5 Fibonacci level with trend confirmation, making it easier to spot high-probability trade setups.

Key Features:

Dynamic Fibonacci Levels – Automatically calculates 0.382, 0.5, and 0.618 retracements based on recent price action.

Trend Filter Confirmation – Signals only trigger in the direction of the trend using an EMA-based trend filter (user-adjustable).

Customizable Lookback – Choose how many bars the script should use to detect the high and low for Fibonacci levels.

Visual Alerts – Signals are displayed directly on the chart with triangles, and alerts can be configured for both Buy and Sell events.

Easy to Use – Works on any timeframe and updates automatically as price moves.

Inputs:

Lookback Bars: Determines the number of bars to calculate high and low for Fibonacci levels.

EMA Length: Sets the period for EMA used in trend filtering signals.

Use Cases:

Identify potential retracement zones for entries and exits.

Filter trades in the direction of the trend for higher accuracy.

Quick visualization of key Fibonacci levels for swing or intraday trading.

How to Use:

Apply the indicator to your chart.

Adjust the lookback period and EMA length to match your trading style.

Watch for Buy Above / Sell Below signals near the 0.5 Fibonacci level aligned with the trend.

Optionally, set alerts for automatic notifications when signals occur.