Short- and Long-Term Fibonacci Levels from Rolling Price Extremes

Summary

This chart indicator plots two sets of Fibonacci retracement levels using rolling highs and lows. The short-term range uses the highest high and lowest low over configurable lookbacks, with defaults of 50 bars for each. The long-term range uses separate lookbacks, defaulting to 200 bars for highs and 100 for lows. For each range, it marks retracement fractions from 23.6% through 78.6%, along with the range’s high and low. The levels are drawn on the price chart with labels and differentiated styling.

The author notes that candles may bounce from these levels, implying their use as potential support or resistance references. The document supplies indicator logic and default settings, but no systematic test, entry or exit rules, or evidence that reactions occur more often than chance. Because the high and low windows can differ and update as new bars arrive, the plotted levels depend on parameter choices and recent price extremes. Traders would need to evaluate them in their own market and timeframe rather than treat a level touch as a standalone signal.

Key ideas

• The indicator derives retracement levels from rolling highest highs and lowest lows.
• It plots separate short-term and long-term ranges with configurable lookbacks.
• Each range includes five retracement fractions between 23.6% and 78.6%, plus its high and low.
• The author suggests the levels may act as support or resistance, but gives no systematic evidence.
• Changing lookbacks changes the ranges and therefore the plotted levels.

Tags

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