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.