This is a simple FIB extension tool that pulls from the start of a wave to the end of the wave. It extends FIB levels beyond the first wave making the assumption that the first wave was between 0.0 and .236 FIB levels. This often works as support and resistance in a multi-wave move. I see the price get to .65 or .786 often after clearing the initial .236 level. This works on any timeframe.
Release Notes
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Fixed bug where 0.0 line label was not the right color
Release Notes
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Added FIB Levels between the start and the .236 extension to aid in entering into trades at key levels.
Can this be used to scan the market, or only applied on a chart I pull up?
kiran111079
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hello sir,... can you make this fibbonacci indicator on day's first 15 mints candle chart with alert?
jordanfray
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@kiran111079, I'm not sure that would be a super useful way to use this tool. I have been thinking about using it along side a support and resistance tracker, though. Have you tried using it the way you are describing and it's working well for you?