The Fibonacci Channel is a technical analysis tool that is used to estimate support and resistance levels based on the Fibonacci numbers. It is a variation of the Fibonacci retracement tool, except with the channel the lines run diagonally rather than horizontally.
This study will automatically place the channels where the levels indicate future areas of support and resistance
For further details please refer to education post
Nobody appears to know whether Fibonacci tools work because markets exhibit some form of natural pattern or because many investors use Fibonacci ratios to predict price movements, making them a self-fulfilling prophecy.
█ Study OPTIONS
Auto Fibonacci Channels, the main aim of the study - Pivot threshold can be adjusted via “Deviation” and “Depth” input options - Historical Channels / Retracements option will allow plotting of Channels on previous pivot high/lows - Ability to set ALERTs for the Channel Levels - Channel Labels displays the price of the line at the last bar, the price value will be updated in each new bar
Auto Fib Retracement – This is the build-in study of TradingView, customized to be in-line with Fibonacci Channels - Pivot threshold can be adjusted via “Deviation” and “Depth” input options - Historical Channels / Retracements option will allow plotting of Retracements on previous pivot high/lows - Ability to set ALERTs for the Retracement Levels
Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.
Disclaimer: Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Notes de version
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small tweak with line reference calculations
Notes de version
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Update
Fibonacci Extensions are added as an alternative option to Fibonacci Retracements For proper usage of Fibonacci Extensions or Fibonacci Retracements I will strongly suggested to check the education post that I published related to topic :
Guide lines added to better emphasis where the fib channel, retracement and extension are referenced
UniColor option added to quickly change the colors of all lines of a fib channels and fib extensions or fib retracements
Added short description to frequently asked input options “Deviation” and “Depth”, for Higher Time Frame (HTF) values it is suggested to increase “Deviation” and/or “Depth”
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update : thanks to new pine feature, added background coloring option
@Charlie8G, :) Thank You, i am so glad you like my studies and thanks for the cheers 🙏
Baker_Street
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Can you add an option to see retracement level of past swings something like pivot which shows everyday pivot level. Here i am talking about every past swings based on zigzag % deviation. This may clutter chart but it will be very helpful to understand market structure.However this automated fib is very good. Thank you.
dgtrd
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@Baker_Street, woow, thank this will be worth testing furhter. thanks for the suggestion
Thank you for your great scripts...! I just discovered them and these are great for traders.. There are few things I want to learn and a little upgrade request for the next versions.
- Is it possible to add an option to put retracement labels to the right side of the chart?
- Also there is a little typo which is not so important on the inputs section as --> Retracement Levels "Lables"
- Also I read in a comment that there were some combo indicators which you put together previously :) Is it possible to find them somewhere else like google drive or twitter or etc. ;)
- Is it possible to add an option to put retracement labels to the right side of the chart?
the study have two different level lables one for fib channels and one for fib retracement levels. fib channel labels are placed on the right since they display the price value of the line at the last bar and hence not meaningful to put them on left side. fib retracement labels can be place both right or left since the value they display is same regardless of its position but having the ability to place them next to fib channel labels may mislead traders since they will be overlapped with fib channel labels. having this concern I made fib channels only on right side and fib retracements on left on purpose.
spelling, even i try to check with google translate still have spelling errors :( and this one is quite acceptable comparing to my typo error where i meant "weak" but instead typed "week" so much difference
:) i did not purchased paid subscription earlier and having the ability to use only 3 indicators and made many of them combo :) and still i am doing them combo in case the combination is meaningful
About the label positioning: Yes, you are right , I don't think about that. It could be distractive.. But I am not planning to use them both at the same time. I asked it because of that. But not a big deal, I'll figure it out :) Thank you again..
About spelling: As I said, it's not a big deal :) English is not my 1st language too.. I just want to inform you when I saw it :)
About Combos: Yes, these are great indicators I added them to my favorites previously. Really appreciate your great work!
Sadly as a free user, I also created a few combos for my usage. "Ichimoku + BB + EMA + SMA + PSAR + Tillson T3 Combo" etc. (as a rookie of course) :)
I just want to learn if you still have something like that.