Fibonacci Retracement for Breakout Strategy

[Pitsypan]

I am looking for a script that automatically plots Fibonacci retracement from the candle that breaks the high or low of the Opening Range candle in 5-minute timeframe
https://usethinkscript.com/threads/opening-range-breakout-indicator-for-thinkorswim.16/
. Any help would be appreciated.

 

[halcyonguy]

I am looking for a script that automatically plots Fibonacci retracement from the candle that breaks the high or low of the Opening Range candle in 5-minute timeframe
https://usethinkscript.com/threads/opening-range-breakout-indicator-for-thinkorswim.16/
. Any help would be appreciated.

a fib retrace wants to know a start point and an end point.
what will be the 2 points?

ref #3
https://trendspider.com/learning-ce...TAKtLjANaETRLXarWyC8DLehhKe0dHoxoC83AQAvD_BwE

 

[Pitsypan]

a fib retrace wants to know a start point and an end point.
what will be the 2 points?

ref #3
https://trendspider.com/learning-ce...TAKtLjANaETRLXarWyC8DLehhKe0dHoxoC83AQAvD_BwE

The start and end point for fibonnaci will be the high and low the first candle that breaks the the first candle (bullish/bearish) of the day on 5 min chart i.e it will only plot when the close of the candle is above or below the high/low of the first candle of the day. Hope this helps.

 

[halcyonguy]

The start and end point for fibonnaci will be the high and low the first candle that breaks the the first candle (bullish/bearish) of the day on 5 min chart i.e it will only plot when the close of the candle is above or below the high/low of the first candle of the day. Hope this helps.

yes, i think that makes sense.

...find 5 min orb levels
...If the high goes above the upper orb level or if the low goes below the lower orb level then draw lines.
...on just the 1st candle to cross a level, define a fib range to be between the high and low of that candle. draw a few fib lines.


if the fib range is to come from 1 candle height, the lines will be very close together. if i draw 7 lines within the height of 1 candle, it will probably look like they are touching, like a cloud.
https://tlc.thinkorswim.com/center/reference/Drawings/Fibonacci/Fibonacci-Retracements