Advanced Fibonacci Retracement
The Fibonacci Retracement is a trend line tool, used to identify support and resistance. It works best on all markets and time frames. It is similar to Fibonacci Retracement except it draws 2 additional levels.
The advanced fan is drawn by placing a trend line between two points (usually a trough and opposing peak). Seven horizontal lines are drawn. The lines intersect the trend line between the two reference points at the Fibonacci levels of 0.0%, 23.6%, 38.2%, 50.0%, 61.8%, 78.6%, and 100.0%. Some of the lines might not be visible, because of the scale limitations in the chart window.
For more information, refer to the Fibonacci Retracement topic.
Draw an Advanced Fibonacci Retracement
- Right-click on the chart to display the context menu, and select Fibonacci Retracement Adv.
- Placing your cursor where you wish to start the trend line, left-click and drag over the chart, releasing your mouse where the trend line should end.
Show Prices for Advanced Fibonacci Retracement
Use this option to show the prices where each of the seven retracement lines are placed.
- Right-click on the tool to display the context menu.
- Click Show Prices.