MagnusTradingGroup
Education

Tutorial: Fib Extension Tool

BITFINEX:BTCUSD   Bitcoin / Dollar
You can use it for different things. my main use for it is to project targets based on impuls legs.
not always will price follow the AB=CD target. instead it often reverses before reaching point D.
This tool can help you identify alternative targets.
Technically speaking the shown example of usage isn't called a fib extension but a fib expansion.
you can get fib extensions if you put point A' exactly back to A.

You can find the tool in your drawing toolbar by clicking the third icon and selecting "Trend-Based Fib Extension".
When you click on a drawn fib extension a little options tootlbar will appear where you can customize your fib levels.
Commonly used levels for expansions / extensions are: 0.382 - 0.5 - 0.618 - 0.764 - 1 - 1.272 - 1.414 - 1.5 - 1.618 - 2

Keep in mind though, it is statistically proven that Fibonacci extensions work no better at predicting where price is going to turn than any other percentage.
It's more of a self-fulfilling prohecy than anything else.


Like my Charts? Feel free to donate : )

BTC: 1F1jpj7X3oyKHpGJ98chr39NvpzSXuPrnC
LTC: LbsfK54KWQnyELCRTg2e9vfy1R5X7Nkuwa
be nice if you put where you get the tool from? been looking for it
Reply
I am unable to find this tool there are many tool but this tool is not appearing :(
Reply
MagnusTradingGroup where is now a days
Reply
You sir, are an asset to the community! Thanks..
+1 Reply
MagnusTradingGroup primaindustria
Thanks for your feedback :)
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out