Fibonacci Rays
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Fibonacci Rays

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Article summary

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Fibonacci Rays is a first tool in a group that is based on Fibonacci sequence. It is a bunch of rays coming from the initial point (high/low) on the chart.
Every ray is stretched across the chart at a fixed distance in between, which is corresponded to the Fibonacci sequence. The distance is expressed in price values. There is a basic ray (trendline) that goes through the center. All the other rays represent additional levels of standard deviations away from the trendline. The main idea of the tool is to help identify how the rays affect the trend: they can halt or activate it.

Fibonacci Rays are drawn by two extreme points that make up a trendline. To add Fibonacci Rays to the chart, click its name or the iconfibonacci_rays_iconon the Drawings Panel. Specify an initial point on the chart (high/low) to start drawing a trendline, then specify the second point to place the rays.

Note: To cancel drawing, press ESC

Fibonacci_raysFibonacci Rays

Actions with the Fibonacci Rays

  • To edit the Fibonacci Rays (the trendline direction, high/low), drag it by one of the points.
  • To move the Fibonacci Rays, drag it by one of its rays to where you want it on the chart.
Note: To open the settings window, double-click the line on the chart

Fibonacci Rays Toolbartoolbar1(2)

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

Fibonacci Rays Settings

  • Coordinates. The coordinates of two points of the trendline 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 coefficients on the rays or not.
  • Style. In this section, you can set a color or style for the trendline of the Fibonacci Rays. And separately for every ray, you can set a color, style or offset from the trendline. Turn on/off displaying of a ray by clicking to the left of every setting. At the bottom of the Fibonacci Rays Settings window, you can set background transparency and turn on/off displaying of the background if needed.
    Note: To apply the color and style of the trendline to the entire Fibonacci Rays, click Apply to all

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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