Similar to the Auto Fib Retracement tool - I took the out-of-the-box functionality and added Logarithmic support, as well as nicer colors and easier management of levels. I'm... 90% sure I got the Fib calculations correct. If you see something, say something! Would love any suggestions for improvement.
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Updated title.
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Updated standard depth to 18 points and set extended lines to default.
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Updated a couple defaults.
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Adjusted some presets and label spacing.
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Made a few tweaks to the log calculations. The reverse function is acting up at the moment, otherwise working like a charm :)
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A bit of code rearranging and a fix for log-based fib levels.
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Final tweaks to fib calculations and default levels - now working as intended.
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Adjusted default lookback period to 9 (can still be changed as needed in settings)
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Name change
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Added MTF dynamic switches which adjust the lookback period based on the resolution of the current timeframe. The purpose is to try (as much as possible) to have the auto-fib plot a reasonably-sized, actionable extension with me being as lazy as possible so I can use that energy on the deeper analyses. This does not affect the fib calculations at all, simply auto-adjusts the lookback 'depth' (which you can manually change in the settings for more fine-tune control anyways, but the purpose here is to try and whittle down the number of clicks it takes to make the chart easier to interpret at a glance. I imagine this could be useful training wheels for beginners or those just getting into fibs, hopefully. Dunno if anyone else wants that functionality, but it could turn into a teenty tinety edge with more development). As always, I'm looking to improve and learn, so if you see something say something and let's fix it or make it better together! Stay tuned ✌️
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Reverse function in logarithmic mode is fixed.
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Updated with cleaner inputs for the variable depths.
Hello sir, plz Try to add for daily/weekly/Monthly...lvl if possible
maroof81
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thank you
rbower
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How did you find this log-fib formula? Wherein we *divide* the start/end price(and then you raise that difference to the power of the fib-level. Clever. How did you find this?
AnkerElite
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@rbower, a lot of creative moonshots and trial & error :) Glad you noticed that one. Happy trading my friend
yozr23361
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Thank you
suvny21
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Thanks a lot
hughlxj
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Hello! This is a great script! Very accurate! If you can always have the price tag displayed to the right of the latest candle. If the trend is upward, the two nearest pressure lines are automatically displayed. If the trend is downward, it will automatically display the two nearest support lines to keep the chart clean, which is even better! Thank you for your selfless sharing!
vinikumar72
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@hughlxj, can you explain the which nearest line you talk about