GIGANEVA V6.61 Public

This enhanced Fibonacci script for TradingView is a powerful, all-in-one tool that calculates Fibonacci Levels, Fans, Time Pivots, and Golden Pivots on both logarithmic and linear scales. Its ability to compute time pivots via fan intersections and Range interactions, combined with user-friendly features like Bool Fib Right, sets it apart. The script maximizes TradingView’s plotting capabilities, making it a unique and versatile tool for technical analysis across various markets.


1. Overview of the Script

The script appears to be a custom technical analysis tool built for TradingView, improving upon an existing script from TradingView’s Community Scripts. It calculates and plots:

Fibonacci Levels: Standard retracement levels (e.g., 0.236, 0.382, 0.5, 0.618, etc.) based on a user-defined price range.

Fibonacci Fans: Trendlines drawn from a high or low point, radiating at Fibonacci ratios to project potential support/resistance zones.

Time Pivots: Points in time where significant price action is expected, determined by the intersection of Fibonacci Fans or their interaction with key price levels.

Golden Pivots: Specific time pivots calculated when the 0.5 Fibonacci Fan (on a logarithmic or linear scale) intersects with its counterpart.

The script supports both logarithmic and linear price scales, ensuring versatility across different charting preferences. It also includes a feature to extend Fibonacci Fans to the right, regardless of whether the user selects the top or bottom of the range first.

2. Key Components Explained

a) Fibonacci Levels and Fans from Top and Bottom of the "Range"

Fibonacci Levels: These are horizontal lines plotted at standard Fibonacci retracement ratios (e.g., 0.236, 0.382, 0.5, 0.618, etc.) based on a user-defined price range (the "Range"). The Range is typically the distance between a significant high (top) and low (bottom) on the chart.

Example: If the high is $100 and the low is $50, the 0.618 retracement level would be at $80.90 ($50 + 0.618 × $50).

Fibonacci Fans: These are diagonal lines drawn from either the top or bottom of the Range, radiating at Fibonacci ratios (e.g., 0.382, 0.5, 0.618). They project potential dynamic support or resistance zones as price evolves over time.

From Top: Fans drawn downward from the high of the Range.
From Bottom: Fans drawn upward from the low of the Range.

Log and Linear Scale:

Logarithmic Scale: Adjusts price intervals to account for percentage changes, which is useful for assets with large price ranges (e.g., cryptocurrencies or stocks with exponential growth). Fibonacci calculations on a log scale ensure ratios are proportional to percentage moves.
Linear Scale: Uses absolute price differences, suitable for assets with smaller, more stable price ranges.

The script’s ability to plot on both scales makes it adaptable to different markets and user preferences.

b) Time Pivots

Time pivots are points in time where significant price action (e.g., reversals, breakouts) is anticipated. The script calculates these in two ways:

Fans Crossing Each Other:

When two Fibonacci Fans (e.g., one from the top and one from the bottom) intersect, their crossing point represents a potential time pivot. This is because the intersection indicates a convergence of dynamic support/resistance zones, increasing the likelihood of a price reaction.
Example: A 0.618 fan from the top crosses a 0.382 fan from the bottom at a specific bar on the chart, marking that bar as a time pivot.

Fans Crossing Top and Bottom of the Range:

A fan line (e.g., 0.5 fan from the bottom) may intersect the top or bottom price level of the Range at a specific time. This intersection highlights a moment where the fan’s projected support/resistance aligns with a key price level, signaling a potential pivot.

Example: The 0.618 fan from the bottom reaches the top of the Range ($100) at bar 50, marking bar 50 as a time pivot.

c) Golden Pivots

Definition: Golden pivots are a special type of time pivot calculated when the 0.5 Fibonacci Fan on one scale (logarithmic or linear) intersects with the 0.5 fan on the opposite scale (or vice versa).

Significance: The 0.5 level is the midpoint of the Fibonacci sequence and often acts as a critical balance point in price action. When fans at this level cross, it suggests a high-probability moment for a price reversal or significant move.

Example: If the 0.5 fan on a logarithmic scale (drawn from the bottom) crosses the 0.5 fan on a linear scale (drawn from the top) at bar 100, this intersection is labeled a "Golden Pivot" due to its confluence of key Fibonacci levels.

d) Bool Fib Right

This is a user-configurable setting (a boolean input in the script) that extends Fibonacci Fans to the right side of the chart.
Functionality: When enabled, the fans project forward in time, regardless of whether the user selected the top or bottom of the Range first. This ensures consistency in visualization, as the direction of the Range selection (top-to-bottom or bottom-to-top) does not affect the fan’s extension.
Use Case: Traders can use this to project future support/resistance zones without worrying about how they defined the Range, improving usability.

3. Why Is This Code Unique?
Original calculation of Log levels were taken from zekicanozkanli code. Thank you for giving me great Foundation, later modified and applied to Fib fans. The script’s uniqueness stems from its comprehensive integration of Fibonacci-based tools and its optimization for TradingView’s plotting capabilities. Here’s a detailed breakdown:

All-in-One Fibonacci Tool:

Most Fibonacci scripts on TradingView focus on either retracement levels, extensions, or fans.

This script combines:

Fibonacci Levels: Static horizontal lines for retracement and extension.
Fibonacci Fans: Dynamic trendlines for projecting support/resistance.
Time Pivots: Temporal analysis based on fan intersections and Range interactions.
Golden Pivots: Specialized pivots based on 0.5 fan confluences.

By integrating these functions, the script provides a holistic Fibonacci analysis tool, reducing the need for multiple scripts.

Log and Linear Scale Support:
Many Fibonacci tools are designed for linear scales only, which can distort projections for assets with exponential price movements. By supporting both logarithmic and linear scales, the script caters to a wider range of markets (e.g., stocks, forex, crypto) and user preferences.

Time Pivot Calculations:
Calculating time pivots based on fan intersections and Range interactions is a novel feature. Most TradingView scripts focus on price-based Fibonacci levels, not temporal analysis. This adds a predictive element, helping traders anticipate when significant price action might occur.

Golden Pivot Innovation:
The concept of "Golden Pivots" (0.5 fan intersections across scales) is a unique addition. It leverages the symmetry of the 0.5 level and the differences between log and linear scales to identify high-probability pivot points.

Maximized Plot Capabilities:
TradingView imposes limits on the number of plots (lines, labels, etc.) a script can render. This script is coded to fully utilize these limits, ensuring that all Fibonacci levels, fans, pivots, and labels are plotted without exceeding TradingView’s constraints.
This optimization likely involves efficient use of arrays, loops, and conditional plotting to manage resources while delivering a rich visual output.

User-Friendly Features:
The Bool Fib Right option simplifies fan projection, making the tool intuitive even for users who may not consistently select the Range in the same order.
The script’s flexibility in handling top/bottom Range selection enhances usability.

4. Potential Use Cases
Trend Analysis: Traders can use Fibonacci Fans to identify dynamic support/resistance zones in trending markets.
Reversal Trading: Time pivots and Golden Pivots help pinpoint moments for potential price reversals.

Range Trading: Fibonacci Levels provide key price zones for trading within a defined range.

Cross-Market Application: Log/linear scale support makes the script suitable for stocks, forex, commodities, and cryptocurrencies.

The original code was from zekicanozkanli. Thank you for giving me great Foundation.