Fibonacci spiral drawing tool

Application

The Fibonacci spiral is a geometric drawing tool based on the Fibonacci sequence. As the spiral expands outward from its center, its radius increases at a rate corresponding to the golden ratio. In technical analysis, traders use this tool to forecast potential support and resistance zones across both time and price dimensions simultaneously, as market cycles often expand in similar logarithmic proportions.

To draw a Fib spiral on your chart, select the tool from the drawing panel. Click once on the chart to set the central starting point (usually a significant high or low), drag your cursor to adjust the radius and orientation of the initial curve to align with a subsequent pivot point, and click a second time to anchor it in place.

Style

In the Style properties dialog, it is possible to change the visual appearance and configuration of the Fib spiral tool.

• Line: Allows you to change the color, opacity, thickness, and style (solid, dashed, or dotted) of the spiral curve.
• Counterclockwise: A checkbox that, when selected, reverses the directional flow of the spiral so that it expands counterclockwise rather than the default clockwise direction.

Coordinates

In the Coordinates properties dialog, you can set precisely the position of the tool's anchor points on the price scale (by setting the price) and the time axis (by setting the bar number).

• Price 1: Allows for the precise placement of the spiral's central point using a specific bar number and price.
• Price 2: Allows for the precise placement of the spiral's secondary point, which determines its initial size and orientation, using a specific bar number and price.

Visibility

In the Visibility properties dialog, you can switch the Fib spiral tool displaying on charts of different chart intervals.