Fibonacci Fan

Fibonacci Fan is one of the instruments allowing to build correction levels of Fibonacci. Its distinctive feature is possibility to build inclined levels, depending on the direction of a trend line. Fibonacci Fan can include up to 13 lines (rays) giving the traders an opportunity to make more accurate market forecast.

Plotting Fibonacci Fan in the chart

Select the Fibonacci Fan 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 Fan, left-click on the last trough on the chart (it will be the start point) and drag the cursor to the most recent peak. This will be the directing line of the Fan. The rays of the Fan will be automatically plotted from the start point at the predefined ratio. The corresponding percentage (Fibonacci levels) will be indicated at every line.

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When you left click on the plotted Fibonacci Fan object, it will become highlighted, i.e. two dots will appear at the edges of the directing line. 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 Fan object over the chart by left-clicking on its directing line and holding the mouse button.

Right-clicking on the directing line of the Fibonacci Fan opens the standard context menu for manually plotted objects:

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To delete the Fibonacci Fan object left-click on it once and choose the Remove Selected Objects option on the chart toolbar, or right-click on object and select the Remove Object option from the context menu.

Fibonacci Fan Settings

You can customize the view of the Fibonacci Fan 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)

 

 

Extension

This drop-down box allows you to select the lines’ extension:

-        limited

-        extended

-        extended right

-        extended left.

 

This setting is applied to all the lines at the same time. By default the ‘extended right’ option is selected

 

 

Show labels

When this option is enabled, the rates labels will appear at every line. By default it is enabled.

 

The Levels section contains the individual settings for each line:

 

▪        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 four 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%
-423.6%

▪        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 Fan objects 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 Fan object is selected.
-Right-click on a Fibonacci object, and then click Settings.
-Double-click on the Fibonacci Fan plotted in the chart.