What it does
Fibonacci Time Retracements are retracements that mark points in time in the same way price retracements mark prices where a market move is likely to pause or reverse a trend.
How to use it
1. Right-click the chart, point to Pointer Tools, point to Fibonacci, then click Time Retracement.
2. Click the chart to draw a vertical line.
3. Click again on the Bar where you want the line parked. This sets the first Fibonacci Retracement line.
4. Click more to park the second line. The Fibonacci fraction lines are applied and vertical lines are drawn.
Fibonacci Time Retracement parameters
|
Parameter |
Description |
|
Date |
Defines the date of the reference bar. |
|
Time |
Defines the time of day for the reference bar. This applies to intraday use. |
|
Display |
Opens display parameters: Color = Select color of line. Weight = Select thickness of line. Scale = Adjusts the default ratios for placement of lines. Display = Select the check box to show the circle on the chart. |
|
SinglePane |
Makes the bars where the vertical lines are hidden. If it is not selected, the bars are shadowed. |
|
ScaleLabel |
Select this checkbox to color-code the price scale according to the trend line. |