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Fibonacci Extension
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Fibonacci Extension

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Article summary

Fibonacci Extension is similar to Fibonacci Retracement and it also sets price lines on the chart where the distance between them is based on Fibonacci sequence. But while Fibonacci Retracements is more about identifying where an entry point may be on the chart, the Fibonacci Extension tool is for where the market will potentially go (exit point).

Fibonacci Extension is drawn by three points. To add Fibonacci Extension to the chart, click its name or the iconfib_extensionon the Drawings Panel. First, specify low and then high point on the chart to draw a trendline. Then specify the third point to place the second trendline in order to draw the Fibonacci Extension.

Note: To cancel drawing, press ESC

fib_extensionFibonacci Extension

Actions with the Fibonacci Extension

  • To edit the Fibonacci Extension (the trendlines, high and low points the trendlines are going through), drag it by one of the points.
  • To move the Fibonacci Extension, drag it by one of one of its lines to where you want it on the chart.
Note: 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 Extension 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 Extension entirely (currently, only dashed style is available).
Settings. A set of parameters that are described in Fibonacci Extension Settings.
Lock. Locks the drawing position. The figure cannot be moved or edited on the chart.
Delete. Removes the Fibonacci Extension from the chart.
Note: To delete Fibonacci Extension, you can also press the Delete or Backspace button on your keyboard

Fibonacci Extension Settings

  • Coordinates. The coordinates of three points of the Fibonacci Extension 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 price lines 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 Extension. 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 Extension, 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
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