Fibonacci Retracement Price Lines

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Fibonacci Retracement Price Lines are an analytical drawing tool used to examine the support and resistance levels as well as price breakouts. First, a trend line between two extreme points - a trough and opposing peak - is drawn. Then a series of horizontal lines is drawn. These lines intersect the trend line at the Fibonacci levels or at the selected distance percentages between the beginning and the end of this trend line. Some of the lines might not be visible, because of the scale limitations of the chart window.


Inserting Fibonacci Retracement Price Lines

  1. Select one of three ways to insert the Fibonacci Retracement Price Lines:
    • In the menu select Insert, point to Drawing and then to Fibonacci Tools and click Retracement Price Lines.
    • Click the Fibonacci Retracement Price Lines Drawing FibRetracement.png icon on the Drawing toolbar.
    • Click the arrow next to the Drawing Tools Show Hide Drawing Tools.png icon on the Main toolbar, point to Fibonacci Tools and select Retracement Price Lines.
  2. The cursor will change to the Fibonacci retracement price linesFibretrace pointer.gif.
  3. In the Chart Area click where the Fibonacci Retracement Price Lines are to begin.
  4. Then keeping the left mouse button pressed move the pointer up, down, left, or right to position the Fibonacci Retracement Price Lines.
  5. Release the button.


Moving Fibonacci Retracement Price Lines

To move the Fibonacci Retracement Price Lines without changing the shape of the drawing tool:

  1. Point the cursor at the Fibonacci Retracement Price Lines to move the drawing tool.
  2. The cursor Pointer Pointer.png will change into Hand Hand.png.
  3. Then keeping the left mouse button pressed drag the drawing tool to the desired position.
  4. Release the button.


Reshaping Fibonacci Retracement Price Lines

To reshape the Fibonacci Retracement Price Lines (change the trend line slope, the distance between the Retracement Price Lines, or their length):

  1. Point the cursor at the Fibonacci Retracement Price Lines to reshape the drawing tool.
  2. The cursor Pointer Pointer.png will change into Hand Hand.png.
  3. Left-click the Fibonacci Retracement Price Lines and 2 small squares will appear at both ends of the trend line.
  4. Drag one of these squares till the drawing tool becomes of the desired shape.
  5. Release the button.


Formatting Fibonacci Retracement Price Lines

In MultiCharts one can change the settings of the Fibonacci Retracement Price Lines. All the changes are performed in the Format Fibonacci Retracement Price Lines window.

Each instance of a Fibonacci retracement price lines has its own Format window. The number (if there are 2 or more Fibonacci retracement price lines instances in the same Chart Window) are shown in the titlebar of each Format Fibonacci Retracement Price Lines window.

One can change the settings of the Fibonacci Retracement Price Lines: the color, style and weight of the trend line and the Retracement Price lines (up to 12 lines are available). It is possible to specify the desired distance percentages on which the Retracement Price lines are based or the Fibonacci percentages can be used. One can extend the Retracement Price lines to the left or to the right. One can also choose to show or not the labels (price or/and value), select their font, style, size and the character set. It is possible to apply the strikeout or underline effects to the labels. If shown the labels can be displayed to the left, right or in the middle of the Fibonacci Retracement Price Lines. It is possible to specify the time and price coordinates.


Setting Style

  1. Access the Format Fibonacci Retracement Price Lines window.
    To access the Format Fibonacci Retracement Price Lines window:
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then double-click.
    Or
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then right-click.
    3. Select Format 'Fibonacci Retracement Price Lines'… from the shortcut menu.
    Or
    1. In the Format Objects window select the Drawings tab.
    2. Select the Fibonacci retracement price lines instance that is to be formatted and press the Format… button.
  2. Select the Data tab.
  3. To display or hide any elements of the Fibonacci Retracement Price Lines check or uncheck the corresponding check boxes.
  4. In the Price column select the corresponding cells and enter the desired values. These values determine at what points the parallel price lines intersect the trend line.
  5. In the Color column using the drop-down lists select any of the preset 40 colors for the lines or click the Others… button to select the custom colors.
  6. In the Style column using the drop-down lists select the desired styles for the lines.
  7. In the Weight column using the drop-down lists select the desired weights for the lines.
  8. Check the Use as Default check box to use these settings as the default settings when creating other Fibonacci Retracement Price Lines.
  9. Click OK.


Extending Fibonacci Retracement Price Lines to Left or Right

  1. Access the Format Fibonacci Retracement Price Lines window.
    To access the Format Fibonacci Retracement Price Lines window:
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then double-click.
    Or
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then right-click.
    3. Select Format 'Fibonacci Retracement Price Lines'… from the shortcut menu.
    Or
    1. In the Format Objects window select the Drawings tab.
    2. Select the Fibonacci retracement price lines instance that is to be formatted and press the Format… button.
  2. Select the Data tab.
  3. In the Extend section check the Left or/and Right check boxes to extend the Retracement Price lines to the left or/and right.
  4. Check the Use as Default check box to use these settings as the default settings when creating other Fibonacci Retracement Price Lines.
  5. Click OK.


Setting Labels

  1. Access the Format Fibonacci Retracement Price Lines window.
    To access the Format Fibonacci Retracement Price Lines window:
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then double-click.
    Or
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then right-click.
    3. Select Format 'Fibonacci Retracement Price Lines'… from the shortcut menu.
    Or
    1. In the Format Objects window select the Drawings tab.
    2. Select the Fibonacci retracement price lines instance that is to be formatted and press the Format… button.
  2. Select the Labels tab.
  3. Check or uncheck the Show Labels check box to display or hide the labels.
  4. Enter the desired font in the Font field or select it from the Font list.
  5. Enter the desired font style in the Font Style field or select it from the Font Style list.
  6. Enter the desired font size in the Size field or select it from the Size list.
  7. In the Effects group check or uncheck the Strikeout or/and Underline check boxes to display the labels struck out or/and underlined.
  8. From the Character Set drop-down list select the desired character set.
  9. From the Align drop-down list select the desired type of the labels' alignment.
  10. Check the Show Price or/and Show Percent Value check boxes to show price or/and percent labels.
  11. Check the Use as Default check box to use these settings as the default settings when creating other Fibonacci Retracement Price Lines.
  12. Click OK.


Setting Coordinates Precisely

  1. Access the Format Fibonacci Retracement Price Lines window.
    To access the Format Fibonacci Retracement Price Lines window:
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then double-click.
    Or
    1. Drag the cursor to the Fibonacci retracement price lines instance that is to be formatted.
    2. The cursor Pointer Pointer.png will change into Hand Hand.png, then right-click.
    3. Select Format 'Fibonacci Retracement Price Lines'… from the shortcut menu.
    Or
    1. In the Format Objects window select the Drawings tab.
    2. Select the Fibonacci retracement price lines instance that is to be formatted and press the Format… button.
  2. Select the Properties tab.
  3. In the Coordinates section enter the desired time coordinates in the Start Date and End Date fields or use the drop-down calendars.
  4. In the Coordinates section enter the desired price coordinates in the Start Value and End Value fields.
  5. Click OK.


Cloning Fibonacci Retracement Price Lines

To clone a Fibonacci retracement price lines:

  1. Drag the cursor to the Fibonacci retracement price lines instance that is to be cloned.
  2. The cursor Pointer Pointer.png will change into Hand Hand.png, then right-click.
  3. Select Clone Drawing from the shortcut menu.