™TradeChartist Levels Generator V4

"™TradeChartist Levels Generator" is an easy to use script that can be used by traders of all levels from beginners to advanced professionals.

What does the script do?

• Plots the support and resistance levels automatically based on user preference of Local levels of Lower or Higher Timeframe from indicator settings.

• Plots Fibonacci retracement levels between high and low based on 'Days' or 'Candles' lookback from indicator settings.

The script proves to be very effective when used with another indicator for trend confirmation like the ribbon (not included in this script) shown on chart.

What markets can this script be used on?

Forex

Stocks

Commodities

Cryptocurrencies

and almost any asset on Trading View

What is the difference between "Plot Levels" and "Plot Fibonacci Levels"?

• "Plot Levels" plots support and resistance levels automatically without any input from the user other than preferred levels 'plot' from the indicator settings namely
  
  Plot Local Levels for Higher TF - Plots all important Support/Resistance levels for mostly higher time frames (1hr or higher) - Short to Mid term outlook
  
  Plot Local Levels for Lower TF - Plots all important Support/Resistance levels for mostly smaller time frames (can be used for up to 1hr in most cases) -
  Recommended for Scalping/Swing Trading mostly dependent on volatility

• "Plot Fibonacci Levels" plots all standard Fibonacci retracement levels - 0, 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100% based on
  
  "Days" Lookback - Fibonacci levels between High and Low based on number of days in the past, starting from the current day on any time frame chart
  
  "Candles" Lookback - Fibonacci levels between High and Low based on number of candles in the past, starting from the current candle on any time frame chart

Can the Fibonacci levels be reversed?

Yes. The Fibonacci levels can be reversed by checking the "Reverse" checkbox from the indicator settings. This is very handy if the trend looks like there may be a support or resistance from one of the Fib levels and a possibility of a new high or a new low based on the price action.

What is the need for "Plot 1.272 Fibonacci Level" under "Plot Fibonacci Levels"?

1.272 is an important Fibonacci number as it is the square root of 1.618 and is the near support or resistance after 100% price retracement. Even though it keeps moving on the chart dependent on the new high or new low based on Days/Candles lookback, it serves as a 'nice to have' reference for any trader looking beyond 100% retracement for support/resistance .

Why do the 'local levels' lines' color changes between green and red?

The nearby levels lines change color based on price closing above or below them. This happens to only closest local levels for lower TF near price action and for top/bottom lines of the local levels for higher TF.

The line turns green when it becomes support as price closes above it.

The line turns red when it becomes resistance as price closes below it.

This is a free to use indicator. Give a thumbs up or leave a comment if you like the script.

Release Notes:

Fixed: Label alignment

Release Notes:

Code updated for faster computation.

Release Notes:

Updated: Individual Fib level colors change based on close above/below when 'Fibonacci levels are plotted on chart.