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.
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January 15, 2016
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