The Fibonacci Channel combines a channel study with Fibonacci Price levels. This study allows you to create a channel composed of multiple Fibonacci levels and project it onto the chart in your desired direction. To add it to the chart, access the Drawing Tools toolbar, located on the side of the platform.
Alternatively, access the Drawing Studies menu:
By default, the levels will follow Fibonacci Price zones, scaling in the same proportion as the underlying channel indicator.
Define your own Fibonacci levels to further enhance your analysis. To change the Fibonacci levels in the Channel, simply right-click on the Fibonacci Channel, select Fibonacci Price Properties, and choose Fibonacci Levels.
Watch our YouTube video about the Fibonacci Retracement study.
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