What is Auto Fib Fan?
The Auto Fib Speed/Resistance Fan takes the last leg between two alternating swings and draws a set of rays from where that leg started. Each ray rises or falls at a fraction of the leg's own pace. The 1 ray is the leg itself; the 0.5 ray moves half as fast. The rays share an origin and spread apart over time, which is what makes it a fan.
Fans on a rising leg are green and on a falling leg red. Both anchors are confirmed swings, so a fan appears a few bars after its newer anchor and then never moves. A new swing forms a new fan rather than re-aiming the old one.
This is a closed-source premium script. It runs on Altrady's servers, so only its output reaches your chart and its code is not published.
How to use Auto Fib Fan
- Price holding a slower ray. In a pullback after an up leg, price holding above the 0.618 or 0.5 ray says the move is slowing but still keeping a share of its pace.
- Losing ray after ray. Price dropping through successively slower rays shows a move losing speed step by step.
- Outrunning the leg. Price moving faster than the 1 ray is the move working, not a break.
- Back through the origin. Once price closes back beyond where the leg began, the fan is over.
Settings
Swings
| Setting | Default | Range | What it changes |
|---|---|---|---|
| Timeframe | Chart | Chart, 15m, 30m, 1h, 4h, 1D | Read the fan from a higher timeframe while trading a lower one. The chart's own period must divide it exactly. |
| Swing Length | 5 | 1 or more | Bars either side of a pivot. It is also the lag: both anchors are confirmed swings, so a fan appears this many bars after its newer anchor happened, and then never moves. |
| Significance (ATR x) | 1.5 | 0 to 10 | A swing is ignored unless the leg into it covered this much ATR. Raising it gives fewer, longer legs to fan from. |
Rays
| Setting | Default | Range | What it changes |
|---|---|---|---|
| Levels | 0.236, 0.382, 0.5, 0.618, 0.786, 1 | The fractions of the leg's own slope, comma separated. 1 is the leg itself; 0.5 climbs half as fast. A 0 would be a flat ray through the origin and is allowed but rarely wanted. Anything unparseable is skipped; the first 16 are used. | |
| Max Fans | 2 | 1 to 10 | How many fans stay on the chart. Each new alternating swing forms a new one rather than re-aiming an old one. A fan that is erased gives its slot back. |
| Keep Invalidated | Off | By default a fan is removed once price closes back through the leg's origin. Turn this on to leave it in place. It then keeps its slot too, since it is still drawn. |
Display
| Setting | Default | Range | What it changes |
|---|---|---|---|
| Show Rays | On | The rays themselves. | |
| Show Ratios | On | The fraction printed at the far end of each ray. | |
| Extend Right | On | Run the rays past the second anchor to the right edge, which is where a fan is read. With this off each ray stops at the anchor and the fan only describes the past. | |
| Line Style | Solid | Solid, Dashed, Dotted | |
| Label Size | Small | Tiny, Small, Normal, Large, Huge | |
| Show State Pane | Off | A sub-pane counting live fans, giving the newest one's direction, and pulsing on each formation and each break. The tool's internal state, and what the automated checks read. |
Colours
| Setting | Default | Range | What it changes |
|---|---|---|---|
| Up Leg | #089981 | A fan on a rising leg; its rays climb. | |
| Down Leg | #f23645 | A fan on a falling leg. |
Alerts: fan_formed, fan_broken.
How it works
The script tracks confirmed swing highs and lows, ignoring swings whose leg did not cover enough of the market's average true range. The newest two alternating swings define the leg, and the fan is drawn from the older one.
Each ray reaches its Fibonacci fraction of the leg's price change at the bar of the newer swing, and then carries on at that slope. Only the price fractions are drawn. Time fractions are left out on purpose, because they change meaning when the chart is rescaled.
A fan is broken only when price closes back beyond the leg's origin, below it after an up leg or above it after a down leg. It is then removed unless Keep Invalidated is on. Max Fans keeps the most recent ones, two by default.
Limitations
- Confirmation lag. Both anchors are confirmed swings, so a fan appears Swing Length bars after its newer anchor happened.
- Rays outrun price eventually. Any sloped ray left to run long enough moves away from price. That is why the fan only ends at the origin, and why far-right parts of old fans say little.
- Small legs give tight fans. A short leg produces rays that bunch together. Raising Significance gives fewer, longer legs to fan from.
- No signal by itself. The rays describe the pace of the last move. They do not say which ray will hold.
- Higher timeframes need a matching chart. When reading from a higher timeframe, the chart's own period must divide it exactly.
Get Auto Fib Fan
Premium scripts are a one-time purchase in the Altrady marketplace and need a paid Altrady plan to run.
- Auto Fib Speed/Resistance Fan $7 This script on its own.
- Fibonacci & Gann bundle $25 5 premium scripts, Auto Fib Fan included.
- Altrady Complete Suite $109 All 36 premium scripts.
Frequently asked questions
It is a set of rays from the start of a move, each rising or falling at a fraction of that move's pace. The fractions here are Fibonacci ratios, 0.236, 0.382, 0.5, 0.618, 0.786 and 1 by default.
No. It is anchored to confirmed swings and never moves once drawn. A new swing forms a new fan. The price for that is a delay of Swing Length bars.
A close back through the leg's origin. Price running faster than the leg itself does not end it, because that is the move continuing.
Two. fan_formed fires when a new fan is drawn and says whether the leg is rising or falling. fan_broken fires when price closes back through the leg's origin.
Yes. The Auto Fib Speed/Resistance Fan is a closed-source premium script. It runs on Altrady's servers, so only its output reaches your chart and the code is never shared. You buy it once in the Altrady marketplace, on its own, in the Fibonacci & Gann bundle or in the Altrady Complete Suite, and it needs a paid Altrady plan to run. It is also included with your first annual Premium subscription.
Use the Get it in Altrady button on this page to open its listing in the Altrady marketplace. Once it is in your account, open the indicator picker on any chart in Altrady Charts and add Auto Fib Speed/Resistance Fan like any other indicator. Its settings are in the indicator's settings panel.