Price Action Indicator for Fibonacci Zones and Session Levels
Summary
This ProRealTime indicator is designed for price-action charting with few overlays. It calculates Fibonacci retracement levels from the current session's high and low, changes their orientation according to whether price is behaving bullishly or bearishly, and marks the session open. It can also display the current or a selected prior day's high and low as horizontal lines or as a shaded range.
Inputs let the user choose a Fibonacci zone manually or have the indicator highlight the zone containing the close, select the session used for high and low references, and adjust drawing width and label transparency. The document provides code and a feature description, but no trading rules, backtest, or evidence that these levels predict price behavior. It is a visualization aid, and the displayed reference levels should not be mistaken for tested signals.
Key ideas
- The indicator plots Fibonacci retracement levels using session highs and lows.
- It reverses level labeling and orientation for bullish and bearish conditions.
- Users can mark the open and display current or prior session extremes as lines or a rectangle.
- A setting can highlight a chosen Fibonacci band or the band containing the current close.
- The document provides no performance evidence for trading from these visual levels.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.