Fibonacci Ranger
The Fibonacci Ranger (FIX) tracks the past "n" number of bars for it's calculations. The default is set to 3 bars. To use this indicator, click on the Fix Fibo Ranger button on the Toolbar and then click on a high or low bar. If applied to a high in an up trend, the Fibo Ranger will search for the lowest low of the past 3 bars, ignoring inside bars, and then plot a Fibonacci Ratio of 1.764 up and down from that point as a white dashed line. These lines set up possible support and resistance points for upcoming action.
Every time the market makes a new high or low, you can re-plot the Fibonacci Ranger. Do not change the parameters until you have determined whether the 1.764 value is not valid for the instrument you are trading. This tool is not intended to be used by itself but as part of a trading plan Its purpose is to add confidence to new trades taken on a valid signal.
The Live Fibo Ranger functions in exactly the same way, but the program chooses the highs and lows automatically.
Trading any market carries a high level of risk, and may not be suitable for
all investors. The high degree of leverage can work against you as well as
for you. Before deciding to invest you should carefully consider your
investment objectives, level of experience, and risk appetite. The
possibility exists that you could sustain a loss of some or all of your
initial investment and therefore you should not invest money that you cannot
afford to lose. You should be aware of all the risks associated with
trading, and seek advice from an independent financial advisor if you have
any doubts.
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Copyright © 1996-2002 Fibonacci Trader. Last updated: May 11, 2007 . All names mentioned in this document are trademarks or registered trademarks of their respective owners.