CPR-Based Fib S/R with Circles by Arthavidhi

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📌 **CPR-Based Fibonacci S/R with Circles – Description**

This indicator combines the power of **CPR (Central Pivot Range)** and **Fibonacci ratios** to plot highly probable intraday and swing Support/Resistance levels derived from the **daily price structure**.

### 🧠 **How It Works**

* It uses the **Daily High, Low, and Close** to calculate the **Pivot Point** (P) as:
`P = (High + Low + Close) / 3`
* Then it calculates the **daily range**:
`Range = High - Low`
* Using this pivot and range, it derives both **Fibonacci-based Support and Resistance levels**:

* **Support levels** at: 0.382, 0.5, 0.618, 1.0, 1.272, 1.618 below pivot
* **Resistance levels** at: 0.382, 0.5, 0.618, 1.0, 1.272, 1.618 above pivot

These are **plotted as small colored circles** on your chart, with **labels on the left** for easy identification of each Fib level (e.g., "0.382", "1.618").

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### 📈 **How to Use It**

🔹 **Intraday or Swing Traders**:

* Use these levels to **anticipate reversals**, **breakouts**, or **targets**.
* The levels act like a **natural price magnet** — price tends to pause, bounce, or reverse near them.

🔹 **Entry/Exit Zones**:

* Combine with price action (like pin bars, engulfing, or inside bars) or volume near these levels to plan entries.
* **R1.618 and S1.618** are great for extended targets or aggressive reversal setups.

🔹 **CPR Center Line**:

* Acts as a key mean-reversion zone or midline. You can combine this with VWAP or RSI for confirmation.

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### 🧩 **Best Practices**

* **Higher Timeframe Confluence**: Align this with HTF S/R or trendlines.
* **Use Alerts**: Combine this with price action alerting tools (manually or with separate indicators).
* **Do Not Use Alone**: For best results, combine with a strategy (e.g., Supply/Demand, VWAP bounce, Trendline breaks).

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Phát hành các Ghi chú

updated script with written level.