Retracements and Extensions
Retracements
Extensions
Save a default setting
Fibonacci tools are found by left clicking on the Active Tool icon in the lower right.
The available tools pop-up menu will display.
Retracements
1) Place a Fibonacci retracement on the chart for possible levels of resistance or support based on a prior price move.
2) Click and drag between two points on the chart, typically the start (high/low) and the end (low/high) of the prior or current move.
Settings
3) Right click on any part of the Drawing to reveal a drop-down menu to Edit properties...
4) In the Properties window, customize the Fib drawing by:
checking which lines you want to appear on the chart
clicking on any number in the "coefficient" column to change the Fib levels
change the color of the Fib level
choose a different style of line
increase a line's width
change how the lines extend on the chart and other settings
Changing settings in a Fib tool can help clean up the chart and clarify what levels are significant.
Extensions
1) Place a Fibonacci extensions (aka projection) on the chart to draw a prediction of a move into the future.
2) Click and drag between two points on the chart, typically the start (high/low) and the end (low/high) of a move. Drag to a third point C. This third point is where the A-B move will be projected from.
Settings
3) Right click on any part of the Fibonacci Extension tool and change the settings (see #4 above under Retracments).
For more on Fibonacci Tools in TOS