Automatic Fibonacci Levels from a Selected Candle’s High and Low
Summary
This indicator description explains a simple way to plot Fibonacci levels from the high and low of a chosen candlestick. A timeframe setting determines which bars supply the data, and a bar-number setting selects the candle. Users can configure the level values and their display colors; the listed defaults include retracement levels between zero and one as well as extensions above one.
The material describes a charting aid rather than a trading strategy. It does not specify how to choose the timeframe or candle, interpret a level, generate entries or exits, or manage risk. It provides no market examples, backtest, or performance evidence, so it cannot establish whether these levels predict price behavior or suit any particular instrument or trading style.
Key ideas
- The indicator calculates Fibonacci levels using a candle’s high and low.
- A timeframe parameter controls which bars are considered.
- A bar-number parameter selects the candle used for the calculation.
- Level values and display colors can be configured.
- The description gives no rules for trading from the plotted levels.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.