# High/Low Fibs using Bullish Anchors

Updated
I do Love me some fibs!!

i used a lot of 30 min Opening Range Fibs for interday trading, but have found that using more bars back can make for stronger levels just like when we use higher time frame to see support & resistant levels.

You can just find high and lows for making an easy auto draw fib retracment, I think you will find these to be fairly accurate or at least just entertaining .

Here are some basics on how to use FIb Retracments
Fibonacci retracement is a popular technical analysis tool used by traders to identify potential levels of support and resistance in financial markets, including stocks. It is based on the Fibonacci sequence, a series of numbers where each number is the sum of the two preceding ones (e.g., 0, 1, 1, 2, 3, 5, 8, 13, 21, ...). The key Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These levels are used to identify potential reversal points or areas of price consolidation. Here's how to use Fibonacci retracement in stock trading:

1. Identify a Significant Price Move:
Start by identifying a significant price move in the stock you are analyzing. This move can be either an uptrend or a downtrend. For uptrends, you'll be measuring from the low point to the high point, and for downtrends, you'll measure from the high point to the low point.

2. Draw Fibonacci Levels: *With this indicator We do this for you
Once you have identified the price move, use a Fibonacci retracement tool available on most trading platforms to draw the retracement levels. Typically, you will draw lines from the low point to the high point for uptrends and vice versa for downtrends.

3. Analyze Key Levels:
Pay attention to the key Fibonacci retracement levels, especially the most commonly used ones, which are 38.2%, 50%, and 61.8%. These levels are considered significant in determining potential support and resistance areas. The 23.6% and 78.6% levels are also used but are considered secondary.

4. Look for Confluence:
Consider other technical analysis tools and indicators to look for confluence at these Fibonacci retracement levels. For example, if a 50% retracement level coincides with a moving average or a trendline, it may strengthen the level's significance.

5. Monitor Price Action:
Watch how the stock's price reacts when it approaches these Fibonacci retracement levels. If the price stalls, reverses direction, or shows signs of consolidation around a particular level, it may act as support or resistance.

6. Set Entry and Exit Points:
Based on your analysis, you can set entry and exit points for your trades. Traders often look for buying opportunities near Fibonacci support levels and selling opportunities near resistance levels. Stop-loss orders can be placed just below support or above resistance levels to manage risk.

7. Practice Risk Management:
Always use proper risk management techniques in your trading. This includes setting stop-loss orders, determining your position size, and not risking more than you can afford to lose on a single trade.

8. Monitor Market Conditions:
Be aware that Fibonacci retracement levels are not foolproof and should be used in conjunction with other analysis methods and market conditions. Market sentiment, news events, and economic factors can also influence stock prices.

As with any trading strategy, it's essential to continuously learn and adapt. Test the effectiveness of Fibonacci retracement levels on different time frames and with different stocks to refine your trading strategy.

**Special Thanks to @KioseffTrading for doing most all of the HEAVY LIFTING on the code here... he is beyond a Top G!!
Release Notes:
I do Love me some fibs!! PART TWO

So sguido was wanting to be able to change the colors without getting into code... (Buddy I got you 🤛🏼)

Also I wanted to be able to "flip" from Bullish to Bearish... I didnt think i could do it, but with many hours of failure... It has happened... I am working my way to greatness... one line of code at a time...

i used a lot of 30 min Opening Range Fibs for interday trading, but have found that using more bars back can make for stronger levels just like when we use higher time frame to see support & resistant levels.

You can just find high and lows for making an easy auto draw fib retracment, I think you will find these to be fairly accurate or at least just entertaining .

Here are some basics on how to use FIb Retracments
Fibonacci retracement is a popular technical analysis tool used by traders to identify potential levels of support and resistance in financial markets, including stocks. It is based on the Fibonacci sequence, a series of numbers where each number is the sum of the two preceding ones (e.g., 0, 1, 1, 2, 3, 5, 8, 13, 21, ...). The key Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These levels are used to identify potential reversal points or areas of price consolidation. Here's how to use Fibonacci retracement in stock trading:

1. Identify a Significant Price Move:
Start by identifying a significant price move in the stock you are analyzing. This move can be either an uptrend or a downtrend. For uptrends, you'll be measuring from the low point to the high point, and for downtrends, you'll measure from the high point to the low point.

2. Draw Fibonacci Levels: *With this indicator We do this for you
Once you have identified the price move, use a Fibonacci retracement tool available on most trading platforms to draw the retracement levels. Typically, you will draw lines from the low point to the high point for uptrends and vice versa for downtrends.

3. Analyze Key Levels:
Pay attention to the key Fibonacci retracement levels, especially the most commonly used ones, which are 38.2%, 50%, and 61.8%. These levels are considered significant in determining potential support and resistance areas. The 23.6% and 78.6% levels are also used but are considered secondary.

4. Look for Confluence:
Consider other technical analysis tools and indicators to look for confluence at these Fibonacci retracement levels. For example, if a 50% retracement level coincides with a moving average or a trendline, it may strengthen the level's significance.

5. Monitor Price Action:
Watch how the stock's price reacts when it approaches these Fibonacci retracement levels. If the price stalls, reverses direction, or shows signs of consolidation around a particular level, it may act as support or resistance.

6. Set Entry and Exit Points:
Based on your analysis, you can set entry and exit points for your trades. Traders often look for buying opportunities near Fibonacci support levels and selling opportunities near resistance levels. Stop-loss orders can be placed just below support or above resistance levels to manage risk.

7. Practice Risk Management:
Always use proper risk management techniques in your trading. This includes setting stop-loss orders, determining your position size, and not risking more than you can afford to lose on a single trade.

8. Monitor Market Conditions:
Be aware that Fibonacci retracement levels are not foolproof and should be used in conjunction with other analysis methods and market conditions. Market sentiment, news events, and economic factors can also influence stock prices.

As with any trading strategy, it's essential to continuously learn and adapt. Test the effectiveness of Fibonacci retracement levels on different time frames and with different stocks to refine your trading strategy.

**Special Thanks to @KioseffTrading for doing most all of the HEAVY LIFTING on the code here... he is beyond a Top G!!
Release Notes:
Fixed double up on letters/Numbers
Release Notes:
- Fixed the double up of lables.
Release Notes:
Bug Squishing
Release Notes:
- better chart view
Release Notes:
had to go to the big guy to get this bug thank you @kiosefftrading
Release Notes:
better pic

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