Automatic Fibonacci Speed Resistance Fans from Zigzag Pivots
Summary
This indicator automatically builds Fibonacci speed resistance fans from detected price pivots. It uses a depth-based pivot search and an ATR-scaled deviation threshold to decide whether a reversal is significant enough to form a new zigzag leg. From selected swing points, it draws configurable price and time levels, with options for historical fans, reversed levels, a second experimental fan set, labels, grids, fills, and styling. Price-level crossings can generate alerts.
The document is an indicator description and source listing rather than a trading strategy or performance study. Its output depends on pivot depth and deviation settings, and pivot-based drawings can change as price develops, so the fan levels should be treated as chart analysis aids rather than tested entry signals. The available text shows extensive configuration and plotting logic but gives no empirical evidence that the levels predict price movement or improve trading outcomes.
Key ideas
- The indicator identifies swing pivots using a depth window and an ATR-scaled reversal threshold.
- It connects pivots into zigzag legs that anchor Fibonacci speed resistance fans.
- Users can configure price and time levels, historical fans, labels, grids, and display styles.
- Price crossings of fan lines can trigger alerts.
- The document offers no performance evidence, and pivot settings govern the displayed levels.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.