Automatic Fibonacci Retracements from Recent Highs and Lows
Summary
The Quick Fibonacci indicator derives retracement levels from the highest high and lowest low over a configurable lookback period. It plots the endpoints and intermediate levels at 23.6%, 38.2%, 50%, and 61.8%, along with trend lines connecting each extreme to a nearby secondary price extreme. An optional shaded block marks the price movement retraced since the swing points formed. The display uses red or green according to whether the selected swing is downward or upward.
The document supplies ProRealTime code and describes the chart overlays, but it reports no tests, trading rules, or performance evidence. The lookback setting determines which extremes define the range, so levels and trend lines can change as the window advances. The indicator is a visualization aid; the text does not establish that prices will reverse or react at any particular retracement level. Its implementation should also be checked in the target platform, especially where the code’s variable handling may affect the plotted swing direction.
Key ideas
- The indicator calculates Fibonacci levels from the range between recent highest and lowest prices.
- It plots the 0%, 23.6%, 38.2%, 50%, 61.8%, and 100% levels.
- Trend lines connect each extreme to a secondary price extreme, while an optional block depicts retracement.
- The display colors indicate the direction of the selected swing, but the document offers no performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.