This Pine Script™ is a specialized tool for traders, designed to automatically plot Fibonacci retracement levels over a user-defined date range in trading charts. It also indicates the extent of price retracement within these levels.
- Date Range Customization: Users can specify the start and end dates to focus the analysis on a particular trading period.
- Dynamic Fibonacci Levels: The script includes various Fibonacci ratios (0.0, 0.236, 0.382, 0.5, 0.618, 0.786, 1.0), with the flexibility to enable or disable individual levels.
- Visual Customization: Each Fibonacci level can be customized for color and line style (solid, dotted, dashed). Labels for each level are also configurable.
- Retracement Measurement: The script not only draws the Fibonacci levels but also measures and displays how much the price has retraced within these levels.
- Extension and Additional Options: Users have options to extend the Fibonacci lines and additional features such as using close values, trend drawing, date range display, and more.
- The script identifies high and low values within the selected time frame, assessing the market's trend direction.
- Within the specified date range, this script effortlessly plots the Fibonacci levels automatically, bringing clarity and precision to your market analysis as it unfolds.
- The tool's adaptability makes it suitable for various trading styles and chart preferences.
This script is particularly valuable for technical analysts and traders who use Fibonacci retracements to identify potential support and resistance areas and understand the depth of market corrections or rallies.
This Pine Script™ is offered 'as is', without any guarantees or warranties. It is intended for informational purposes and should not be taken as investment advice. Atilla Yurtseven, the creator of this script, assumes no responsibility for any financial losses or gains that may result from its usage. Users should perform their own due diligence and consult with professional advisors before making any investment decisions.
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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.