Fibonacci Arcs

Fibonacci arcs indicate the potential support and resistance levels. Usually both Arcs and Fibonacci Retracement are applied on the chart simultaneously; the support / resistance levels are determined by intersections of these lines.

 

Plotting Fibonacci Arcs in the chart

 

Select the Fibonacci Arcs option in the Objects menu of the chart toolbar:

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When you select this option, the cursor will become finger-shaped: fingershape

 

In order to plot the Fibonacci Arcs, left-click on the chart to set the center of the arc, and drag the cursor over the chart to plot the radius of the arc. The end point will represent the 100% level. The Fibonacci Arcs will be automatically plotted in the chart with the ratio indicated at each line.

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When you left click on the plotted Fibonacci Arcs object, it will become highlighted, i.e. two dots will appear at the edges of the radius. If you hover the cursor over a dot, it will turn into a crosshair allowing you to drag the dot over the chart thus resizing the Fibonacci object:

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You can also drag the plotted Fibonacci Arcs object over the chart by left-clicking on the radius and holding the mouse button.

 

Right-clicking on the Fibonacci Arcs opens the standard context menu for manually plotted objects:

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To delete the Fibonacci Arcs object left-click on it once and choose the Remove Selected Objects option on the chart toolbar.

 

Fibonacci Arcs Settings

 

You can customize the view of the Fibonacci Arcs object by using the advanced Settings dialog box, allowing to show/hide and change the view of each line.

 

The Fibonacci Settings dialog box appears as displayed below:

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Properties description

 

Id

The unique number of the chart object (non-editable)

 

Show labels

When this option is enabled, percentage labels appear at every arc. By default it is enabled.

 

Circle

By default Fibonacci Arcs have elliptic shape. The closer the Fibo Line to the horizontal axis, the more the arcs are stretched horizontally. The closer the Fibo Line to the vertical axis, the more the arcs are stretched vertically. Fibo Line drawn at an angle of 45° gives you the circle arcs.

 

If you want to use only circle arcs that would not depend on the angle of the Fibo Line, enable the Circle checkbox

 

 

Fibo Line

-This checkbox shows/hides the Fibo Line (radius of the arcs). When the checkbox is enabled, the corresponding line will be displayed in the chart.
-Color - Left click on the color sample to select the line color
-Width - The width of the line. Use the drop-down box to select one of the three available options: 1 pixel, 2 pixels or 3 pixels.
-Style - The style of the line. The drop-down box includes three options: solid, dashed and dotted. Note: If the selected width is 2 pixels or 3 pixels, the Style drop-down box will be unavailable with the solid line preselected.

 

 

The Levels section contains the individual settings for the arcs:

▪        The checkboxes in the very left column are used to show/hide the individual levels. When the checkbox is enabled, the corresponding line will be displayed in the chart. By default, only three lines are enabled (as displayed above)

▪        The edit-boxes next to the checkboxes are used to change the percentage levels for each line. The default values of the levels are:

-0%
-23.6%
-38.2%
-50%
-61.8%
-76.4%
-86%
-100%
-118%
-127%
-161.8%
-261.8%

 

▪        The Circuit setting allows to input the circuit of arcs in percent. The default value of the circuit is 50%

▪        Color - Left click on the color sample to select the line color

▪        Width - The width of the line. Use the drop-down box to select one of the three available options: 1 pixel, 2 pixels or 3 pixels.

▪        Style - The style of the line. The drop-down box includes three options: solid, dashed and dotted.

 

Note: If the selected width is 2 pixels or 3 pixels, the Style drop-down box will be unavailable with the solid line preselected.

 

Note: The Percentage edit box, Color button, Width and Style drop-down boxes are available only for enabled lines.

 

The ‘Save level settings as default’ button saves the settings of all the levels, so that they will be applied to all the Fibonacci Arcs created thereafter.

 

After you’ve made all the necessary changes to the Fibonacci object, click Apply to view the changes in the chart; click OK to confirm the changes and close the dialog; click Cancel to discard the changes and close the dialog.

 

The Fibonacci Settings dialog box can be accessed in three ways:

-Click the Object Settings button on the chart toolbar, when a Fibonacci Arcs object is selected.
-Right-click on a Fibonacci object, and then click Settings.

Double-click on the Fibonacci Retracement plotted in the chart.