VENTEBITDJ Fibonacci Retracement Levels for Last X Candles indicator is a tool designed to visualize key Fibonacci retracement levels based on the high and low prices observed over a specified lookback period. Here's an overview of its functionality:

Input Parameter:

Traders can specify the lookback period (lookbackPeriod) to analyze, determining the range of candles over which the highest high and lowest low prices are calculated.

High and Low Calculation:

The indicator calculates the highest high (highLookback) and lowest low (lowLookback) prices over the defined lookback period.

Fibonacci Retracement Levels:

It computes several Fibonacci retracement levels based on the high and low prices, including:

0.786 Fibonacci Level (fibLevel786): Represents 78.6% retracement of the prior move.

0.618 Fibonacci Level (fibLevel618): Represents 61.8% retracement of the prior move.

0.500 Fibonacci Level (fibLevel500): Represents 50.0% retracement of the prior move.

0.382 Fibonacci Level (fibLevel382): Represents 38.2% retracement of the prior move.

0.236 Fibonacci Level (fibLevel236): Represents 23.6% retracement of the prior move.

Plotting:

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

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

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

Fibonacci retracement levels:

0.786 Fibonacci Level (colored purple).

0.618 Fibonacci Level (colored blue).

0.500 Fibonacci Level (colored yellow).

0.382 Fibonacci Level (colored orange).

0.236 Fibonacci Level (colored teal).

Labels:

Labels accompany each plotted line to signify their significance, including:

"HIGH" label for the highest high.

"LOW" label for the lowest low.

Labels indicating the respective Fibonacci retracement levels.

Dynamic Updates:

The lines representing the high, low, and Fibonacci levels, along with their associated labels, are dynamically updated with each new bar to accurately reflect the most recent data.

Overall, this indicator aids traders in identifying potential support and resistance levels based on key Fibonacci retracement levels, assisting in technical analysis and decision-making processes.