Automatic Fibonacci

For years, traders have relied on Fibonacci retracement levels to get a sense of significant support and resistance levels. Now, it’s even easier with Automatic Fibonacci.

The Automatic Fibonacci indicator will populate your current Marketscope chart view with either a Fibonacci retracement or extension, depending on the price action visible. The app automatically grabs the highest high and lowest low visible on your chart and determines the levels based off these values. By default, retracement levels are red while extension levels are green.

Important Note: To ensure that the Automatic Fibonacci indicator repaints properly, it is highly recommended that “Autoscale Chart Vertically” is enabled.

PARAMETERS

The following inputs are available in the app’s parameters window and can be defined by the app user:

• Level: Specify the Fibonacci ratio for up to nine levels
• Line Color, Style and Width: Adjust how the Fib lines appear on the chart
• Up or Dn Fib Color: The default colors of the Fib line will change automatically depending on if it is going up or down.
• Fibo Width
• Fibo Style: Choose the type of line displayed at Fib levels
• Show Label
• Show Trend Line: Turn the diagonal Fib line on or off
• Font Size
• Drawing Mode
• Show legend
• Show in background

Risk Disclaimer

The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.

Requirements

This indicator is only compatible with FXCM’s Trading Station Desktop. Additionally, an FXCM account is required (including free FXCM demo accounts).