Fibonacci Retracement indicator automatically draw fibonacci levels based on zigzag indicator last wave.

Indicator Features

• Automatically draw all fibonacci major levels.
• Ability to change zigzag indicator parameters.
• You can set parameters to draw background color for specific levels.
• You can change all levels colors, line style and line width.
• You can change zigzag timeframe.

How It Works
the indicator determine last wave of zigzag indicator and check if it's up wave or down wave, if it's up wave will draw fibonacci levels from low to high and if i't down wave will draw fibonacci levels from high to low.

How to Trade Fibonacci Levels
you can trade fibonacci levels based on two strategies:-
Break out: wait for price to break specific fibonacci lvel and close above or below it and then you can enter a trade according to the break direction.
Retracement: wait for price to touch fibonacci level and after the candle close and not break the level enter a trade against the wave.

Auto Fibonacci Retracement Levels indicator have some parameters so you can adjust it according to your trading style, I'll explain it in details.

Zigzag TimeFrame
Zigzag indicator timeframe, so you can open for example 15M chart and set the indicator to draw fibonacci wave based on 1H zigzag wave.

Depth, Deviation, Backstep
Zigzag indicator special parameters to detect small or big wave.

Level 0.0% Line Color, Level 0.0% Line Width, Level 0.0% Line Style
Fibonacci level 0% line color, width and style respectively.

Draw Level 23.6% Background
Option to enable or disable draw background graph between level 0.0% and level 23.6%.

Level 23.6% Line Color, Level 23.6% Line Width, Level 23.6% Line Style
Fibonacci level 23.6% line color, width and style respectively.

Draw Level 38.2% Background
Option to enable or disable draw background graph between level 23.6% and level 38.2%.

Level 38.2% Line Color, Level 38.2% Line Width, Level 38.2% Line Style
fibonacci level 38.2% line color, width and style respectively.

Draw Level 50.0% Background
Option to enable or disable draw background graph between level 38.2% and level 50.0%.

Level 50.0% Line Color, Level 50.0% Line Width, Level50.0% Line Style
fibonacci level 50.0% line color, width and style respectively.

Draw Level 61.8% Background
Option to enable or disable draw background graph between level 50.0% and level 61.8%.

Level 61.8% Line Color, Level 61.8% Line Width, Level 61.8% Line Style
fibonacci level 61.8% line color, width and style respectively.

Draw Level 100.0% Background
Option to enable or disable draw background graph between level 61.8% and level 100.0%.

Level 100.0% Line Color, Level 100.0% Line Width, Level 100.0% Line Style
fibonacci level 100.0% line color, width and style respectively.

Version 1.0  15.04.2019
first initial version