Support and Resistance Levels with auto Fibonacci Setup Tutorial

Identify horizontal support and resistance lines using your choice of 6 methods.
Available options

• Lookback window: Number of bars back to consider in calculations
  
• Lookback window right (only applicable for methods 3 and 4): Number of bars to the right to consider in calculations
  
• Number of S/R lines to plot: S/R lines to plot (currently the max setting is 4 so 8 lines due to pine limitations. I can post separate scripts for each method that allow more depending on user feedback)
  
• Use Custom Time Frame? (M1, M6, M5 only work if viewing lower TF): Set a custom timeframe in minutes, then 1D for daily, 3D for 3 daily etc.
  
• Calculation offset: How many of the most recent bars to ignore in the calculations.
  
• Update Frequency: How many bars to wait until updating the lines since the last update.
  

Things to tweak.

• I still need to test the methods, depending on that and feedback I can post separate scripts for each method that allow more depending lines or scrap some.
  
• I'll tweak the parameters for using linebreaks to scrap them. Currently required a three close through it (so two in one direction and one in the other).
  
• Fibs don't work on the static timeframe as I've reached certain restriction in the coding system.
  

Link to Indicator

Below are some examples using the default settings (which I have not optimized as of yet)
Method 1

Method 2

Method 3

Method 4

Method 5

Method 6

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You can also set alerts from price crossing levels.

Komentarz:

Using the bar replay function to test the indicator and find settings that work for you.

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