Add Fibonacci Expansion

Brief

The article explains how to add a Fibonacci expansion to a chart.

Details

To add a Fibonacci expansion to a chart

1. Do one of the following:

• On the toolbar, click the Add Fibonacci button arrow , and then click Add Fibonacci Expansion.
  To choose the drawing mode, point to Add Fibonacci Expansion and then click a mode of your choice.
• On the Insert menu, point to Fibonacci, and then click Add Fibonacci Expansion.
• Right-click in the chart, point to Chart Elements on the shortcut menu that appears, and then click Add Fibonacci Expansion.
  To choose the drawing mode, point to Add Fibonacci Expansion and then click a mode of your choice.
  * When a chart is opened within the FXCM Trading Station, you can also add the tool in the following way:
  On the Charts menu, point to Insert, point to Fibonacci, and then click Add Fibonacci Expansion.
2. Click anywhere in the chart to indicate the starting point of the first segment of the broken line usually intended to serve as a trend line, drag the pointer (or simply click again) to a spot of your choice indicating the line's ending point, and then click in chart again to indicate the ending point of the second segment of the broken line usually intended to serve as a retracement line.
   The points automatically adjust themselves in accordance with the selected drawing mode if needed.
   
3. The Add Fibonacci Expansion dialog box appears.
   
   
4. By default, the box opens on the Levels tab, where you can do the following:

• Under Show Levels, in the list of available levels, select or clear check boxes at your choice.
  
  Notes:

• To select all available levels, click Select All.
• To clear the selection of levels, click Clear All. Note that to be able to add Fibonacci Expansion to the chart, at least one level must be selected.
• To edit a level value, click the appropriate row, double-click the current value, type a new value, and then press ENTER.
• To add a level, click Add. An empty row is added to the list. Type a value of your choice, and then press ENTER.
• To remove a level, click the appropriate row, and then click Delete.
• To sort the levels in ascending order, click Sort.
• In the appropriate Style boxes, select the tool lines' color, style, and width of your choice.
• To show the Fibonacci tool in background, select the Show in background check box. Otherwise, clear the check box.
5. To specify the tool's parameters, click the Parameters tab.
   
   
6. The dialog box opens on the Parameters tab.
   
   

• In the Name box, type a name of your choice.
  Note: To reset the default Fibonacci tool's name, click Reset.
• To extend the level lines beyond the starting points, select the Extend line start check box. Otherwise, clear the check box.
• To extend the level lines beyond the ending points, select the Extend line end check box. Otherwise, clear the check box.
• To show the Fibonacci tool's label, select the Show label check box. Otherwise, clear the check box.
• To show level values in the legends of the level lines, select the Show level check box. Otherwise, clear the check box.
• To specify the color of the level value, in the appropriate box, click the Arrow button , and then from the Color palette, select a color of your choice.
• To specify the alignment of the legend, in the Alignment box, select an alignment of your choice.
• To show price values in the legend of the level lines, select the Show price check box. Otherwise, clear the check box.
• To specify the color of the price value, in the appropriate box, click the Arrow button , and then from the Color palette, select a color of your choice.
7. To specify the parameters of Wave Line, click the Wave Line tab.
8. The dialog box opens on the Wave Line tab.
   
   
   
   

• To specify the position of the starting and ending points of the segments of the broken line, in the appropriate Rate and Date boxes, select or type values of your choice.
  
  
• To show the broken line, select the Show wave lines check box. Otherwise, clear the check box.
• In the appropriate Style boxes, click a color, style, and width of your choice.
  
  Notes:

• To apply the specified properties (except for Name) to all Fibonacci Expansion tools to be added in the future by default, click Set as Default.
• To restore the factory settings, click Reset.
9. Click OK.

To change the default options of the Fibonacci Expansion tool, see Fibonacci Expansion Options.
Notes:

• You can use the Fibonacci Expansion tool until its time period specified by the Tool timeout option expires. To change the time period, see the Chart Element Options] article.
• To disable the Fibonacci Expansion tool, do the same as for selecting it or one of the following:

• Right-click in the chart.
• Press ESC.