OPEN-SOURCE SCRIPT
Re-Anchoring Fibo Levels
The "Re-Anchoring Fibo Levels" offers a dynamic and systematic approach on how to use Fibonacci retracements. The resistance levels are based on the all-time high and the subsequent lowest low. The support levels are based on the lowest low after the all-time high and the following highest high. This method provides traders with automatically updated support and resistance levels based on current significant pivot points.
How It Works
Resistance Levels: The levels are calculated based on the current all-time high and the following lowest low. This range is multiplied with the defined Fibonacci ratios and the levels are plotted.
Support Levels: The support levels are calculated based on the lowest low and highest high after and below the current all-time high. The range between those to pivot points is multiplied with the defined Fibonacci ratios and the levels are plotted.
How To Use
By comparing current prices to dynamically adjusted Fibonacci levels, traders can gain insights into the strength and potential direction of market trends and are also presented with potentially significant levels that can function either as resistance or support.
How It Works
Resistance Levels: The levels are calculated based on the current all-time high and the following lowest low. This range is multiplied with the defined Fibonacci ratios and the levels are plotted.
Support Levels: The support levels are calculated based on the lowest low and highest high after and below the current all-time high. The range between those to pivot points is multiplied with the defined Fibonacci ratios and the levels are plotted.
How To Use
By comparing current prices to dynamically adjusted Fibonacci levels, traders can gain insights into the strength and potential direction of market trends and are also presented with potentially significant levels that can function either as resistance or support.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Follow me on X: x.com/PhilippWeber_
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Follow me on X: x.com/PhilippWeber_
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.