This indicator, VENTEBITDJ Fib Levels for Last X Candles, is designed to plot Fibonacci retracement levels based on the high and low prices of the specified lookback period.

Here's a breakdown of how it works:

Input Parameters:

The user can define the lookback period (lookbackPeriod) to calculate the high and low prices over a certain number of candles.

Calculation of High and Low:

The indicator calculates the highest high (high100) and lowest low (low100) prices over the specified lookback period.

Fibonacci Levels:

It then calculates two Fibonacci retracement levels:

0.618 Fibonacci Level (fibLevel618): This level is calculated as 61.8% of the distance between the high and low prices.

0.382 Fibonacci Level (fibLevel382): This level is calculated as 38.2% of the distance between the high and low prices.

Plotting:

Horizontal lines are plotted on the chart to represent the following:

The highest high (high100) over the lookback period (colored green).

The lowest low (low100) over the lookback period (colored red).

The 0.618 Fibonacci level (fibLevel618) (colored blue).

The 0.382 Fibonacci level (fibLevel382) (colored yellow).

Labels:

Labels are displayed next to each plotted line to indicate their significance:

"HIGH" label for the highest high.

"LOW" label for the lowest low.

"618 FIB" label for the 0.618 Fibonacci level.

"382 FIB" label for the 0.382 Fibonacci level.

Updating Lines and Labels:

The lines and labels are updated dynamically with each new bar, ensuring they accurately reflect the most recent data.

Overall, this indicator helps traders identify potential support and resistance levels based on Fibonacci retracement principles, aiding in technical analysis and decision-making.