Education

Support and Resistance Levels with auto Fibonacci Setup Tutorial

By SemiQuant

Updated

Identify horizontal support and resistance lines using your choice of 6 methods.
Available options

Lookback window: Number of bars back to consider in calculations
Lookback window right (only applicable for methods 3 and 4): Number of bars to the right to consider in calculations
Number of S/R lines to plot: S/R lines to plot (currently the max setting is 4 so 8 lines due to pine limitations. I can post separate scripts for each method that allow more depending on user feedback)
Use Custom Time Frame? (M1, M6, M5 only work if viewing lower TF): Set a custom timeframe in minutes, then 1D for daily, 3D for 3 daily etc.
Calculation offset: How many of the most recent bars to ignore in the calculations.
Update Frequency: How many bars to wait until updating the lines since the last update.

Things to tweak.

I still need to test the methods, depending on that and feedback I can post separate scripts for each method that allow more depending lines or scrap some.
I'll tweak the parameters for using linebreaks to scrap them. Currently required a three close through it (so two in one direction and one in the other).
Fibs don't work on the static timeframe as I've reached certain restriction in the coding system.

Link to Indicator

Support and Resistance Levels with auto Fibonacci

Below are some examples using the default settings (which I have not optimized as of yet)
Method 1

Method 2

Method 3

Method 4

Method 5

Method 6

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Note

You can also set alerts from price crossing levels.

Note

Using the bar replay function to test the indicator and find settings that work for you.

SemiQuant

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