Save time and avoid the user errors that come with drawing your own Fibonacci levels. This indicator will automatically plot Fibonacci retracements for you. Fibonacci retracements are levels of support and resistance commonly seen in the financial markets. These levels are calculated by measuring the distance between a peak and a trough, and multiplying this distance by the Fibonacci ratios.
This indicator can be customized to either calculate the retracements using the highest and lowest points on the entire chart, or to calculate the retracements using smaller swing highs and lows. You can also choose whether or not to show the percentage retracement next to each level. This indicator can be used with stocks, futures, and forex on any time frame.