Trend-Based Fib Extension
Application
Fibonacci extensions is a tool that traders can use to establish profit targets or estimate how far a price may move. Extension levels are also possible areas where the price is expected to reverse.
Extensions are drawn on a chart, marking the price levels of possible importance. These levels are based on Fibonacci ratios.
To draw Trend-Based Fib Extension three points needed. Once the three points are set, the level lines are drawn up to Fibonacci sequence. The first point chosen is the start of a move, the second point is the end of a move, and the third point is the end of the retracement against that move. The extensions then help project where the price could go next.
Style
In Style property dialog it is possible to change the appearance and configuration of Trend-Based Fib Extension and save these custom changes as a template if needed:
Trend Line
Toggles the visibility and color of the trend line as well as its thickness and style.
Levels Line
Sets the thickness and style of levels lines.
Additional Levels
Checkboxes toggle the visibility of additional levels. With the drop-down beside you can also set the color and opacity for each level line.
Also, it is possible to enter a custom value for the level line's placement.
Use one color
Use this drop-down to select one color for all the lines and the background between them.
Extend Lines
Extends levels' lines indefinitely to the right.
Reverse
Reverses the direction of the fib retracement (reflects it vertically).
Levels
Toggles the visibility of text displaying level values.
Prices
Can toggle the visibility of text displaying price values.
Labels
Sets the level value text's position along the level.
Background
Toggles the visibility and opacity for the background fill between the Fibo levels.
Fib levels based on log scale
Enables calculating the levels of the Fib Retracement in an alternative way when the logarithmic scale is on.
This option is available when the logarithmic scale is enabled on the chart.
Coordinates
In Coordinates properties dialog, you can set precisely the position of the Trend-Based Fib Extension's initial points' position on the price scale (by setting the price) and the time scale (by setting the bar number) and save these custom changes as a template if needed:
Price 1
Allows for the precise placement of the trend-based fib extension's first point (Price 1) using a bar number and price.
Price 2
Allows for the precise placement of the trend-based fib extension's second point (Price 2) using a bar number and price.
Price 3
Allows for the precise placement of the trend-based fib extension's third point (Price 3) using a bar number and price.
Visibility
In visibility properties dialog you can toggle displaying of the Trend-Based Fib Extension on charts of different timeframes.
Allows to configure a drawing to be displayed on particular intraday and daily timeframes on chart. For any timeframe you can select either to show it, or to hide and save these custom changes as a template if needed:
