DinexSpace Fibonacci Auto Levels

Fibonacci Auto Levels draws Fibonacci retracement levels automatically, so you do not have to drag the Fibonacci tool by hand every time the chart moves.

How it works

- The indicator looks at the last N bars (100 by default) and finds the highest high and the lowest low.

- The direction follows which extreme came last.

- Low after the high: the last swing was down. Level 0 sits at the low and level 1 at the high, so the levels show how far price has bounced back up.

- High after the low: the last swing was up. Level 0 sits at the high and level 1 at the low.

- Levels drawn: 0, 0.236, 0.382, 0.5, 0.618, 0.786 (optional) and 1, plus optional extensions at 1.272 and 1.618.

- 0.5 and 0.618 are highlighted, the end levels use the brand green, and extensions are dashed.

- Each level carries a label with the ratio and price. A dotted line can join the two extremes.

- The levels are redrawn once per new bar, or right away when the forming bar makes a new extreme.

Inputs

- Swing: bars to search.

- Levels: extensions on/off, 0.786 on/off.

- Display: colours, right extension, labels, swing line.

Limits

- The levels move when a new high or low enters the window, or when an old one drops out of it.

- The extremes are chosen purely by price over a fixed window. A different window length can give a different swing.

- Fibonacci ratios are reference levels used by many traders; they do not predict where price will turn.

The indicator only draws levels. It does not trade or give signals.