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.
study("Retracement") // script written by Paul Johnson: minorplanet2 // use this script to set triggers on Fibonacci retracement levels. len=input(15,title="Lookback Length") //how far back to look for max pivots and min pivots retr=input(0.382,title="Retracement Ratio",type=float) base=input(50,title="Pivot Value", type=float) // set the value of the fixed pivot from which to draw the retracement mi=lowest(close,len) m=highest(close,len) tri=close<=((1-retr)*(m-base))+base?-1:close>=base-((1-retr)*(base-mi))?1:0 // calculates the retracement value for the range between the pivot input and the local min or max // if the retracement from the local pivot high is met, a value of -1 is returned // if the retracement from the local pivot low is met, a value of +1 is returned plot(tri,title="retracement met:-1/1")