A Fibonacci-based indicator that displays key retracement and extension levels on higher timeframe candles, allowing traders to identify potential support and resistance zones.
Explore complementary indicator rolesHow it works
The Fibonacci indicator automatically plots predefined retracement and extension levels on the previous higher timeframe candle. Traders can customize the specific Fibonacci levels and their corresponding colors to suit their trading style and preferences.
The indicator calculates key Fibonacci ratios such as 23.6%, 38.2%, 50%, 61.8%, and 100% based on the selected higher timeframe candle's price range. These levels help traders identify potential areas of price reversal, support, and resistance.
Why it may be useful
Fibonacci levels provide traders with a mathematical approach to identifying potential price reversal and continuation zones. By using higher timeframe candles, traders can gain a broader perspective on market dynamics and potential trading opportunities.
These levels are based on the Fibonacci sequence, a mathematical concept that reflects natural market retracements and extensions. Traders can use these levels to make more informed decisions about entry points, stop-loss placement, and potential profit targets.
When to explore it
The Fibonacci indicator works best in trending markets where price tends to respect key retracement levels. Traders can apply this tool across multiple timeframes, from 15 minutes to 1 day, making it versatile for various trading styles.
It is particularly useful when combined with other technical analysis tools like trend lines, support and resistance zones, and momentum indicators. Traders should pay special attention to confluence points where multiple Fibonacci levels align with other key technical signals.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
