This is "ZigZag with Fibonacci Levels" script. It finds the , draw Fibonacci lines and put labels accordingly. I get many requests for this script, so here it is.
You can set period as you wish. Bigger numbers (such 20, 30) may give better perspective and result.
It draws Fibonacci levels between 0%-100% and If the price goes higher/lower than 100% level than the script draws Fibonacci Levels accordingly. This means it draws Fibonacci levels until this levels get higher/lower than the price.
As an example:
if you don't want to see Lines then you have option to disable it and see only Fibonacci levels:
You have coloring options for , Fibonacci lines and texts:
- "Label Location" option added. Fibonacci levels can be shown at Left or Right. when the session is closed then labels at right may not be shown accordingly.
An example: some fibonacci levels disabled, also labeling at right.
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.