Automatic Pitchfan, Fibonacci Levels, and Zigzag Pivot Mapping

Summary

This chart indicator automatically identifies price pivots and uses them to draw a Zigzag structure, Fibonacci retracement or extension levels, and a Pitchfan. Pivot selection depends on a depth setting and a deviation threshold scaled using average true range relative to price. A new pivot must be sufficiently far from the previous one; same-direction pivots can update the latest extreme.

The Pitchfan projects rays from a trend origin, using Fibonacci-based slopes, and the settings allow users to choose historical pivots, displayed levels, line extensions, labels, and visual styles. The source recommends applying the fan after an initial trend wave and once a correction has begun. These tools describe possible structure and reference levels; the indicator supplies no trading rules, validation, or performance evidence. Pivot confirmation uses later bars, so plotted turning points may only become identifiable after price has moved on.

Key ideas

• A volatility-scaled deviation threshold and pivot depth govern which turning points the indicator accepts.
• The Zigzag connects accepted pivots and can be shown or hidden.
• The Pitchfan projects Fibonacci-slope rays from a selected trend origin.
• Retracement and extension levels can be customized and anchored to the detected pivots.
• The indicator visualizes possible structure but does not test whether its levels predict future prices.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.