Auto Fib Extension is a new Pine indicator based on the popular Auto Fib Retracement indicator and Trend-Based Fib Extension drawing tool.
Fibonacci Extensions is a tool that allows you to determine what price level can be reached after a correction. The tool is based on three points set by the trader: the first two points define the trend line, and the last one is the retracement level. With the new indicator you don’t need to set the points manually, the algorithm will select suitable ones automatically.
To use a new indicator, open the Indicators tab and select Auto Fib Extension.
The indicator is written in Pine Script and its source code can be found in the templates and changed however you like. This can be done from the Pine Editor: click on the Open button, select New default built-in script from the dropdown and find Auto Fib Extension.
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