I made this after watching a seminar and seeing it as a way to simply, easily and naturally find the plot points for fibonacci retracements and extentions.
Blue dots are Major, Purple are Minor.
The dots only appear if there has not been a newly established low or high in the default(13) periods (for Major) before or after that candle. This is done to make the candle clear and less subjective. The periods are also changeable in the format icon.
Let me know what if you like/hate it. It's just another indicator and is only a visual tool. But I hope it helps. I hope it helps me as well!
study("Major Minor Fib Points", "Mm P", overlay=true) h_left_min = input(title="Minor Value", type=integer, defval=5) h_left_low_min = lowest(h_left_min) h_left_high_min = highest(h_left_min) newlow_min = low <= h_left_low_min newhigh_min = high >= h_left_high_min central_bar_low_min = low[h_left_min] central_bar_high_min = high[h_left_min] full_zone_low_min = lowest(h_left_min * 2) full_zone_high_min = highest(h_left_min * 2) highest_bar_min = central_bar_high_min >= full_zone_high_min lowest_bar_min = central_bar_low_min <= full_zone_low_min plotshape(highest_bar_min ? -1 : 0, offset=-h_left_min, style=shape.circle, location=location.abovebar, color=purple) plotshape(lowest_bar_min ? 1 : 0, offset=-h_left_min, style=shape.circle, location=location.belowbar, color=purple) h_left = input(title="Major Value", type=integer, defval=13) h_left_low = lowest(h_left) h_left_high = highest(h_left) newlow = low <= h_left_low newhigh = high >= h_left_high central_bar_low = low[h_left] central_bar_high = high[h_left] full_zone_low = lowest(h_left * 2) full_zone_high = highest(h_left * 2) highest_bar = central_bar_high >= full_zone_high lowest_bar = central_bar_low <= full_zone_low plotshape(highest_bar ? -1 : 0, offset=-h_left, style=shape.circle, location=location.abovebar, color=blue) plotshape(lowest_bar ? 1 : 0, offset=-h_left, style=shape.circle, location=location.belowbar, color=blue)
I just looked for you and there already is divergence indicator on the indicators list on tradingview. But I haven't used so can't vouch for it. Check it out.