AutoFib channel by-Stocksight — Indicator by SighTTrader

auto fibonacci fibo autofib

Creates a channel off of desired periods' high and low and plots Fib levels. Automatically updates itself after every candle. Easily helps find the next entry point on any time frame.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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.

Want to use this script on a chart?

//Created by Stocksight on January 1, 2016. Version 1.0
study("AF", overlay=true, max_bars_back= 89)

//Inputs,  Fib inputs can be added here incase custom values are needed.  Will add that on next revision
z = input (50)
p_offset= input(2)
transp =input(60)

a=(lowest(z)+highest(z))/2
b=lowest(z)
c=highest(z)

//Fib Cals
fib1 = (((c-b)*.764)+b)
fib2 = (((c-b)*.618)+b)
fib3 = (((c-b)*.382)+b)
fib4 = (((c-b)*.500)+b)
fib5 = (((c-b)*.236)+b)

plot(b[p_offset], color = red, linewidth=2)
plot(c[p_offset], color = green, linewidth=2)
plot(fib1[p_offset], color = purple, style=cross, transp = 40, join=true, linewidth=2)
plot(fib2[p_offset], color = yellow, style = cross,transp = transp)
plot(fib3[p_offset], color = yellow, style = cross,transp = transp )
plot(fib4[p_offset], color = red, style = cross,transp = transp, join=true)
plot(fib5[p_offset], color = purple, style = cross,transp = 40, join=true, linewidth=2)