Fibonacci Fans


Fibonacci Fans
Fib. Fans are a drawing tool with a calculation function. You as the user define the start and end point of the price levels that are to be used for the calculation. The Fib. Fans are then calculated and drawn, similar to the Fib. Retracements. The theory behind using Fibonacci numbers for chart analysis is that price movements have rhythms similar to natural processes.

You may use Fib. Fans for
  • finding support lines in upwards movements
  • finding resistance levels in downwards movements
You can find the tool in the Chart Tools group in the toolbar.

Entering Fibonacci Fans

  1. Open a symbol chart.
  2. Click on the Fib. Fans tool in the toolbar.
  3. Click into the chart to set an extreme point, for example at a high.
  4. Keep the mouse button pressed and move the pointer to the next diametrical extreme, for example a low point. Release the mouse button.
Between the anchor points, the calculated fans are drawn. They can be seen as resistance and support levels.

For extrapolating values beyond the 100% level, you can set the corresponding fans to visible (e.g. for 138.2% and 161.8%). To do so, select the check boxes in the property inspector in the toolbar.

Editing Fib. Fans

  • To move the baseline, click the respective anchor point (the mouse pointer changes into an x-y axis symbol) and move it. The fans will be adapted accordingly. Depending on the position of the middle to the outer anchor point, the fans are drawn upwards or downwards.
  • To move Fib. Fans, drag them with the mouse (the mouse pointer turns into a hand symbol) and move them freely. Release the mouse button when done.
  • You can edit the ratio of each Fib. line in the fans. To do so, click on the numbers next to the check boxes (in the properties) and enter new values.
  • You can duplicate the Fib. Fans by double-clicking on them.
  • When the Fib. Fans are selected, you can edit the properties in the toolbox.
  • To delete the Fib. Fans, right-click on them and select Delete from the context menu. Alternatively, select the Fib. Fans and press the DEL key.

Properties

Fib. Fans Properties

% 1, % 2... - Select from the list of available Fib. levels the ones you want to display. You can edit the values by clicking on the numbers to the right of the check boxes and entering new ones.

Graphic Properties

The following properties can be set for the Fib. Fans tool:

Color - Here you can select a line color.

Width - Here you can set a width for all lines by entering a number.

Style - Here you can select a line style, e.g. solid or dotted.