OPEN-SOURCE SCRIPT
Fibonacci Retracement (Tita)
⚙️ Key Features
Core Functionality
Automatic Swing Detection: Uses ZigZag indicator to identify significant highs and lows
Multiple Fibonacci Modes: Supports both Retracement levels and Timezone projections
Customizable Timeframe: Analyze Fibonacci levels on different timeframes than the current chart
Customization Options
11 Fibonacci Levels: From 0% to 300% with individual color and visibility controls
Flexible Display: Customize line thickness, style, and colors
Label Options: Choose position (Left/Right/Both/Auto) and visibility for both Fibonacci percentages and price levels
ZigZag Visualization: Option to show/hide the underlying ZigZag line
📊 How It Works
Swing Detection: The ZigZag algorithm identifies significant swing highs and lows based on depth, deviation, and backstep parameters
Level Calculation: Draws Fibonacci levels between the last two significant ZigZag points
Dynamic Updates: Automatically updates when new swings are detected and cleans up previous drawings
Visual Enhancement: Uses background coloring to indicate market direction (bullish/bearish)
🎨 Visual Elements
Colored Horizontal Lines: Each Fibonacci level has customizable colors
Percentage Labels: Shows retracement percentages (23.6%, 38.2%, etc.)
Price Labels: Displays exact price levels
ZigZag Connection Line: Visual connection between swing points
Direction-based Background: Subtle background tint indicating trend direction
💡 Trading Applications
Identify potential entry points at key Fibonacci levels
Set profit targets using extension levels (1.618, 2.0, 3.0, etc.)
Determine stop-loss placement below/above Fibonacci support/resistance
Analyze retracement depth for trend strength assessment
Core Functionality
Automatic Swing Detection: Uses ZigZag indicator to identify significant highs and lows
Multiple Fibonacci Modes: Supports both Retracement levels and Timezone projections
Customizable Timeframe: Analyze Fibonacci levels on different timeframes than the current chart
Customization Options
11 Fibonacci Levels: From 0% to 300% with individual color and visibility controls
Flexible Display: Customize line thickness, style, and colors
Label Options: Choose position (Left/Right/Both/Auto) and visibility for both Fibonacci percentages and price levels
ZigZag Visualization: Option to show/hide the underlying ZigZag line
📊 How It Works
Swing Detection: The ZigZag algorithm identifies significant swing highs and lows based on depth, deviation, and backstep parameters
Level Calculation: Draws Fibonacci levels between the last two significant ZigZag points
Dynamic Updates: Automatically updates when new swings are detected and cleans up previous drawings
Visual Enhancement: Uses background coloring to indicate market direction (bullish/bearish)
🎨 Visual Elements
Colored Horizontal Lines: Each Fibonacci level has customizable colors
Percentage Labels: Shows retracement percentages (23.6%, 38.2%, etc.)
Price Labels: Displays exact price levels
ZigZag Connection Line: Visual connection between swing points
Direction-based Background: Subtle background tint indicating trend direction
💡 Trading Applications
Identify potential entry points at key Fibonacci levels
Set profit targets using extension levels (1.618, 2.0, 3.0, etc.)
Determine stop-loss placement below/above Fibonacci support/resistance
Analyze retracement depth for trend strength assessment
סקריפט קוד פתוח
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
כתב ויתור
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
סקריפט קוד פתוח
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
כתב ויתור
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.