Automatic FibonacciFibonacci retracements are popular among technical traders. In technical analysis, a Fibonacci retracement is created by taking two extreme points (usually a peak and a trough) on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%, and 100%. Basic fibo levels are often known to be 14.6%, 23.6%, 38.2%, 50%, 61.8%, 76.4%, 88.6% and 100%.
This indicator will draw the fibonacci levels automatically. Once these levels are identified, horizontal lines are drawn and used to identify possible support and resistance levels including zones. The fibo levels on this indicator gives you the option to use basic fibo or new paradigm fibo levels. New paradigm fibo levels may be new to most traders, however, the application of new paradigm fibo does allow one to trade with least risk due to the precision of the price action surrounding the fibo levels and zones.
One of the most efficient and great ways to apply this auto fibo indicator and the new paradigm fibo is by only leaving the fibo levels that do have hits and un-selecting the fibo levels that do not have any. You can further remove any other levels so you can trade the zones that these fibo levels create.
In addition, you can also switch the timeframe of the fibo from 1D to different number of days to 1W.
Fibonacci Projection
Auto Fibonacci Retracement by Atilla YurtsevenAuto Fibonacci Retracement is simply the best Fibonacci retracement indicator ever. Everything is done automatically. Just try it yourself!
Trend Lines and Targets are experimental.
Disclaimer: Past performance is not an indication of future performance. All the information in this article, including the algorithm & indicator, was provided and published for informational purposes only and should not be considered legal or financial advice. Use at your own risk!
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Atilla Yurtseven
Twitter: @atillayurtseven
