Fibonacci Ranger

The Fibonacci Ranger (FIX) tracks the past "N" number of days (or bars) for it's calculations. The default is for 3 bars. When you use this indicator, you will simply click on the Fix Fibo Ranger button on the Toolbar and then click on a high or low bar. In an up trend, when applied to a high, the Fibo Ranger will search backward for the low of the past 3 bars' range, 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 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 your market. This only intended to be used as a tool, to lend 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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