What it does
Auto Fib Retracement automatically finds the most recent significant swing high and swing low, then draws Fibonacci retracement levels between them at the classic ratios of 23.6, 38.2, 50, 61.8, and 78.6 percent. Each level marks a price where the counter-trend pullback has retraced that fraction of the prior swing. The tool removes the subjectivity of hand-picking anchors, updating them as new swings are confirmed.
Typedraws on the price chart
How to add it
Click Indicators (ƒx) in the header.
Search “Auto Fib Retracement” and click the result.
Hover its legend row and click the gear to open settings.
How traders use it
- In an uptrend, watch the 38.2 to 61.8 percent retracement zone for pullback buying, with the 61.8 percent (golden ratio) level the most watched; mirror the logic for shorts in downtrends.
- Require confirmation at the level, such as a bullish reversal candle, an oscillator turn, or rising volume, rather than placing blind limit orders.
- A retracement beyond 78.6 percent suggests the prior swing is failing and a full reversal or range is more likely than trend continuation.
- Confluence raises reliability: a fib level that overlaps a moving average, prior structure, or an auto key level is a materially stronger zone.
- Place stops beyond the next fib level or the swing extreme so a normal overshoot of one level does not knock you out.
Inputs
| Input | Type | Default | Range / Options |
|---|---|---|---|
| Deviation | number | 3 | 0–50 |
| Depth | number | 10 | 2–100 |
| Reverse | boolean | Off | — |
| Extend Left | boolean | Off | — |
| Extend Right | boolean | On | — |
| Show Prices | boolean | On | — |
| Show Levels | boolean | On | — |
| Levels Format | select | Values | Values / Percent |
| Labels Position | select | Left | Left / Right |
| Background Transparency | number | 85 | 0–100 |
Plots & styling
| Plot | Style | Default color |
|---|---|---|
| 0 | level | #787b86 |
| 0.236 | level | #f44336 |
| 0.382 | level | #81c784 |
| 0.5 | level | #4caf50 |
| 0.618 | level | #009688 |
| 0.786 | level | #64b5f6 |
| 1 | level | #787b86 |
| 1.618 | level | #05B878 |
| 2.618 | level | #f44336 |
| 3.618 | level | #9c27b0 |
| 4.236 | level | #e91e63 |
Every plot's color, line width and visibility can be changed on the Style tab. Precision, price-scale labels and status-line values are configurable at the bottom of the Style tab.
Tips
- Drag the indicator to its own pane from the legend ⋯ menu if it crowds the price chart.
- Double-click any of its lines to jump straight into the settings dialog.
- Save the configured chart as a study template (Indicators menu) to reapply this exact setup elsewhere.
Watch out for
- The levels depend entirely on automatic swing selection: when a new pivot is confirmed the anchors jump and all levels redraw, so recent levels effectively repaint.
- Fibonacci levels have no intrinsic force; they work partly through self-fulfilling attention, and price routinely slices through them in strong trends.