Fibonacci Channel
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Fibonacci Channel

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Article summary

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Fibonacci Channel is a channel with price levels inside that are plotted diagonally. The distance between the levels, as well as in the other Fibonacci drawings, is based on Fibonacci sequence. The channel is used to estimate support and resistance levels on the chart.

Fibonacci Channel is drawn by two points (two lows and a high). To add Fibonacci Channel to the chart, click its name or the iconfib_channelon the Drawings Panel. First, specify two low points on the chart to draw a trendline, then specify a high point to place the channel.

Note: To cancel drawing, press ESC

Fib_channelFibonacci Channel

Actions with the Fibonacci Channel

  • To edit the Fibonacci Channel (high/lows), drag it by one of the points.
  • To move the Fibonacci Channel, drag it by one of one of its lines to where you want it on the chart.
To open the settings window, double-click a line on the chart

Fibonacci Extension Toolbartoolbar1(2)

Color. In the Color section, you can change the color of the Fibonacci Channel entirely. The slider at the bottom is intended to set transparency of the color.
To create a custom color:
  • clickto open the color picker
  • by using the slider at the bottom, adjust the main color
  • on the color picker, set a shade for the main color

The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

Weight. In the Weight section, you can set the thickness and style of the Fibonacci Channel entirely (currently, only dashed style is available).
Settings. A set of parameters that are described in Fibonacci Channel Settings.
Lock. Locks the drawing position. The figure cannot be moved or edited on the chart.
Delete. Removes the Fibonacci Channel from the chart.
Note: To delete Fibonacci Channel, you can also press the Delete or Backspace button on your keyboard

Fibonacci Channel Settings

  • Coordinates. The coordinates of three points of the Fibonacci Channel that you can specify manually by filling out the values for the prices, dates and time.
  • Labels. In the Labels section, you can choose whether to show Fibonacci coefficient and price labels on levels or not. The labels can be aligned left/right of the trendline and top/middle/bottom of the level. Click to the left of the Coefficient or Price to show/hide labels.
  • Style. In this section, you can set a color or style for the trendline of the Fibonacci Channel. And separately for every level, you can set a color, style or offset of the level from its initial position. Turn on/off displaying of a level by clicking to the left of every setting. Turn on/off displaying of a level by clicking to the left of every setting. Also, here you can set background transparency or turn it on/off.   
    Note: To apply the color and style of the trendline to the entire Fibonacci Channel, click Apply to all
  • Extend. In this section, you can extend the levels to the left or right indefinitely.

Click Close to apply the settings.

Note: At the bottom-left corner of the window, click Restore Defaults to reset the settings