โขTradeChartist ZigZag & Auto Fibonacci Retracement is a visually engaging script that generates ZigZag and Auto-Fibonacci lines/labels based on user defined sensitivity factor.
โโโขTradeChartist ZigZag & Auto Fibonacci Retracement Features =========================================
Plots completed and developing ZigZag based on ๐๐ข๐ ๐๐๐ /๐๐ฎ๐ญ๐จ-๐ ๐ข๐๐ฌ ๐ ๐๐๐ญ๐จ๐ซ (Minimum - 1, Maximum - 10, Default - 5) that adjusts the sensitivity of the ZigZag with 1 being High Sensitivity and 10 being Low Sensitivity.
Option to enable or disable ๐๐ข๐ ๐๐๐ ๐๐จ๐ง๐ง๐๐๐ญ๐จ๐ซ which can be helpful for Harmonic traders.
Option to display ๐๐ข๐ ๐๐๐ ๐๐ข๐ ๐ก๐ฌ/๐๐จ๐ฐ๐ฌ and ๐๐๐ ๐๐ญ ๐๐ข๐ ๐ก๐ฌ/๐๐จ๐ฐ๐ฌ in one of two styles.
Two types of Fibonacci to choose from - ๐๐ฎ๐ญ๐จ-๐ ๐ข๐๐ฌ and ๐ ๐ข๐๐ฌ ๐๐๐ฌ๐๐ ๐จ๐ง ๐๐จ๐จ๐ค๐๐๐๐ค.
๐๐ฎ๐ญ๐จ-๐ ๐ข๐๐ฌ option plots Auto Fibonacci levels based on ๐๐ข๐ ๐๐๐ /๐๐ฎ๐ญ๐จ-๐ ๐ข๐๐ฌ ๐ ๐๐๐ญ๐จ๐ซ.
๐ ๐ข๐๐ฌ ๐๐๐ฌ๐๐ ๐จ๐ง ๐๐จ๐จ๐ค๐๐๐๐ค plots Fibonacci levels based on the highest high and lowest low of the lookback period (๐๐๐ฒ๐ฌ or ๐๐๐ง๐๐ฅ๐๐ฌ).
Fibonacci levels can be reversed by enabling ๐๐๐ฏ๐๐ซ๐ฌ๐ from settings.
Enabling ๐๐ฎ๐ซ๐ซ๐๐ง๐ญ ๐๐ซ๐ข๐๐ ๐ ๐ข๐ ๐๐๐๐๐ฅ displays the current Fib level of the developing price bar.
Option to customize Fib levels and colours.
4 Colour themes and option to enable/disable bar colouring.
1. ZigZag/AutoFibs Factor can make a big difference to ZigZag and AutoFibs plot as shown in the OANDA:XAUUSD Daily chart below.
2. RSI can be quite useful in analysing the Highs and Lows as shown in the BINANCE:BTCUSDT 1hr chart below.
3. Developing or Current Trend means the Low/High is unconfirmed and can move as shown in the OANDA:EURUSD 1hr chart below with bar colouring.
4. Current Price Fib Level label showing PTC means Potential Trend Change. Confirmation at candle close will reverse the Auto-Fibs as shown in BINANCE:ETHUSDT 15m chart below
5. Fibonaci Levels and colours can be customised using ๐๐ฌ๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ ๐ ๐ข๐ ๐๐๐ฏ๐๐ฅ๐ฌ from the settings as shown in the AMEX:SPY 15m chart below
โโNote:
Rarely, a steep high/low wick doesn't get accounted in the ZigZag High/Low detection as they are filtered using momentum.
If momentum doesn't slow down, the fibs can extend beyond 1 and may continue way beyond 4.618 fib level. These are quite rare depending on how distant the near high/low is based.
ZigZag and Fibonacci are good reference indicators and should always be used as confirmations rather than standalone indicators.
@TradeChartist, hello sir is it possible to share your script I would like to add a projection Fibonacci that I have wrote to see how both works together...
I can share with you in private my scripts also ๐
Once the curves of High and Low formed. Will it repaint. Means there could be a possibility that it may go higher up than what it has been pointed to ?
TradeChartist
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@Nayanstock, yes, the highs and lows can change as it's a ZigZag.
Jack_ishere
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Super Great script, I use it in daily trade it works well
May I know the RSI use 14 or 7 ?
Jack_ishere
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@Jack_ishere, sir can you add the option to change to 7
I wanna test 7
TradeChartist
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@Jack_ishere, For settings simplicity, RSI settings will be classic 14 period. The script just displays RSI label and has no effect on the working of the script. It is best to use a standalone RSI indicator to suit your style. You can check tradingview.com/script/pKFFCSWa-Simple-RSI-Spotter/ which has RSI period and smoothing options.