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Single Line Fibs with Strict Overlap Check

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Single Line Fibs with Strict Overlap Check
Overview:

The "Single Line Fibs with Strict Overlap Check" indicator is a sophisticated tool designed for technical analysts and traders focusing on Elliott Wave theory. This indicator overlays Fibonacci retracement and extension levels on a price chart, specifically tailored for a single zigzag line (Line 2), to identify potential support, resistance, and impulse wave targets. It incorporates a strict overlap check to ensure valid impulse waves, adhering to Elliott Wave principles.

Key Features:

Zigzag Detection: Utilizes pivot highs and lows based on customizable lengths (White ZigZag: 2 bars, Yellow ZigZag: 15 bars) to construct a zigzag pattern.
Fibonacci Levels:
Retracements: 0.236, 0.382, 0.5, 0.618, 0.786 (gray, 50% transparency).
B Wave Extensions: 1.236, 1.386 (orange, 50% transparency).
Impulse Extensions: 1.0, 1.236, 1.386, 1.618 (green, 50% transparency), drawn from the next pivot low if valid.
Wave Count Filter: Displays Fibonacci levels only when the internal wave count from Line 1 reaches or exceeds a user-defined threshold (default: 5).
Overlap Validation: Implements a strict overlap check per Elliott Wave rules. If the next pivot low overlaps the previous high, no Impulse extensions are drawn, and a red 'X' (50% transparency) marks the invalid pivot low.
Customization:
White ZigZag Length: Adjusts the sensitivity of the initial pivot detection.
Yellow ZigZag Length: Sets the primary zigzag length.
Min Line 1 Waves for Line 2 Fib: Defines the minimum wave count threshold.
Enable Overlap Removal: Toggles the overlap validation feature.
Usage:

Apply the indicator to your chart (e.g., 30-minute timeframe).
Adjust input parameters to match your trading strategy (e.g., length2 = 15, waveThreshold12 = 5).
Observe Fibonacci levels appearing at pivot highs when the wave count threshold is met. Impulse extensions will only plot after a valid pivot low below the previous high.
Use the red 'X' as an alert for invalid impulse waves, indicating potential trend reversals or corrections.
Interpretation:

Retracements: Identify potential support levels within the upwave.
B Wave Extensions: Highlight extended correction targets.
Impulse Extensions: Project potential price targets for the next wave, valid only if the overlap check passes.
Red 'X': Signals an invalid impulse wave, suggesting a review of wave structure.
Limitations:

Designed for a single zigzag line; multi-line analysis requires additional customization.
Performance may vary with highly volatile instruments or short timeframes due to pivot sensitivity.
Author: Developed by ScottDog for TradingView users, this indicator leverages advanced Pine Script v6 features for precise wave analysis.

Version: 1.0 (Fail-Safe)

Last Updated: June 24, 2025
發行說明
Bullish Auto Fibs Indicator

Description

The Bullish Auto Fibs indicator is a sophisticated tool designed for traders on the TradingView platform, specifically tailored for analyzing bullish price movements on XRP and other assets. It automatically plots Fibonacci retracement, B Wave, and extension levels based on a customizable ZigZag pattern, providing clear visual cues for potential support, resistance, and price targets. With a focus on the 15-minute timeframe, this indicator enhances technical analysis by dynamically updating Fibonacci levels as new pivot highs and lows are detected, ensuring traders stay aligned with evolving market trends.

Key Features:

Automatic Fibonacci Levels: Plots retracement (23.6%, 38.2%, 50%, 61.8%, 78.6%), B Wave (23.6% to 161.8%), and extension (100%, 161.8%, 261.8%) levels.

Dynamic ZigZag Detection: Identifies pivot highs and lows with an adjustable length (1–100 bars, default 20).

Real-Time Updates: Adjusts Fibonacci levels when new highs (for retracements) or lows (for B Wave and extensions) are detected, preserving key reference points like the B Wave pivot high.

Customizable Display: Toggle visibility for retracement, B Wave, and extension levels to suit your analysis needs.

Visual Clarity: Uses distinct colors (gray for retracements, yellow for B Wave, green for extensions) and labels for easy interpretation.

This indicator is ideal for traders employing Elliott Wave theory, Fibonacci-based strategies, or trend-following approaches, offering a robust framework for identifying key price levels in bullish markets.


User Manual

Configuration

The indicator’s settings can be adjusted via the “Settings” panel in TradingView:

Yellow ZigZag Length (default: 20, range: 1–100): Controls the sensitivity of pivot detection. Higher values detect more significant pivots; lower values increase sensitivity for shorter-term swings.

Show Retracement Fibs (default: true): Enable/disable retracement levels (low to high, 0% at high, 100% at low).

Show B Wave Fibs (default: true): Enable/disable B Wave levels (high to low, 100% at high, 0% at low, with extensions up to 161.8%).

Show Extension Fibs (default: true): Enable/disable extension levels (pivot low as 0%, projecting upward).


How It Works

ZigZag Pattern:
The indicator identifies pivot highs and lows using the ta.pivothigh and ta.pivotlow functions, with the specified yellowLength.

Pivots are marked with “H” (high) or “L” (low) labels in yellow.

Fibonacci Levels:

Retracement Fibs: Drawn from a pivot low (100%) to a pivot high (0%). Updates to a new high if detected, maintaining the original low.

B Wave Fibs: Drawn from a pivot high (100%) to a pivot low (0%), with extensions above 100%. Updates to a new low if detected, preserving the original high.

Extension Fibs: Drawn from a pivot low (0%) upward, based on the prior low-to-high wave length. Updates to a new low if detected.

Dynamic Updates:

Lines and labels extend to the current bar for active Fibonacci levels, ensuring real-time relevance.

When a new pivot is detected, previous levels are cleared, and new levels are drawn to reflect the latest price structure.

Usage Tips

Trend Confirmation: Use retracement levels to identify potential support zones during pullbacks in a bullish trend.

B Wave Analysis: Leverage B Wave levels for corrective wave targets, especially in Elliott Wave strategies.

Price Targets: Extension levels highlight potential bullish continuation zones.

Timeframe Flexibility: While optimized for 15-minute charts, adjust yellowLength for higher (e.g., 50–100) or lower (e.g., 5–10) timeframes.

Combine with Other Tools: Pair with trend indicators (e.g., moving averages) or oscillators (e.g., RSI) for enhanced decision-making.

Troubleshooting

No Levels Displayed: Ensure at least two pivots (high and low) are detected. Increase yellowLength if pivots are sparse.

Overlapping Labels: Reduce chart zoom or toggle off unnecessary Fibonacci types to declutter.

Performance Issues: The indicator limits arrays to 500 entries to prevent slowdowns. Older pivots are automatically removed.

Notes

The indicator is optimized for bullish markets but can be adapted for other assets by adjusting the ZigZag length.

For best results, test settings on historical data to align with your trading style.

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