Fibonacci Retracements
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Fibonacci Retracements

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Article Summary

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Fibonacci Retracements is a tool that sets price lines on the chart, the distance between them is based on Fibonacci sequence. The lines are used to identify possible support and resistance levels.

Fibonacci Retracements are drawn by two extreme points that make up a trendline. To add Fibonacci Retracements to the chart, click its name or the iconfib_retracements_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 retracements.

Note: To cancel drawing, press ESC

Fib_retracementsFibonacci Retracements

Actions with the Fibonacci Retracements

  • To edit the Fibonacci Retracements (the trendline direction, high/low), drag it by one of the points.
  • To move the Fibonacci Retracements, 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 Retracements Toolbartoolbar1(2)

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

Fibonacci Retracements 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 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 Retracements. And separately for every price line, you can set a color, style or offset 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 Retracements, 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