This script displays the nearest fibonacci levels from the higher reference timeframes -- weekly, monthly, and yearly levels. When trading it is always been helpful for me to be aware of significant price levels of the players participating on larger timeframes. HTF are a great tool for finding confluence and/or gaining extra conviction on your trades. This is a companion tool to be used in conjunction with the Standard Fibonacci Points.
are a technical indicator / calculation that can be used to determine the overall trend of the market or determine the level that price may face support or resistance. At the same time it can lead to confirmation of the overall trend when price travels through support or resistance lines continuously.
The is the average of the high, low, and closing price of the previous time window - Day, Week, Month, Year.
The going belief is that if price is trading above the (P) then there is a sentiment and trading below the (P) is a sentiment.
can be calculated a multitude of ways but the way I am using it here is using the fibonacci method. See the calculations below.
Note: Tooltips are added for each lines label that display the calculation used.
Default Ratios + Matching Labels:
= (high + low + close) / 3
support lines = - (prevhigh - prevlow) * 0.236
resistance lines = - (prevhigh - prevlow) * 0.236
38.2% - S1/R1
61.8% - S2/R2
100% - S3/R3
Additional (Mid) Ratios + Matching Labels:
23.6% - SA/RA
50% - SB /RB
76.4% - SC / RC
127.2% - S4/R4
141.4% - S5/R5
161.8% - S6/R6
200% - S7/R7
1 — Line Extension - Left, Right, Both, None
2 — Levels for Week, Month, and Year
• Show line
• Show label
• Line color
• Line style
█ HOW TO USE
• As mentioned earlier it best used along with the Standard to find levels of potential confluence where you believe may be key support, resistance, or a potential inflection point in price action.
• Depending on the chart and the amount of data it naturally pulls back, the yearly fibonacci levels may not show
• may be found useful for some and not for others
• There is no assurance that price will stop at, reverse, or reach a specific level
1 — Added ability to choose which levels to show for each periods pivot points
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