Fibonacci Indicators
- 4 minutes to read
This document provides a general overview of Fibonacci indicators, and details the types of indicators available.
This document consists of the following sections.
#Fibonacci Indicators Overview
Fibonacci Indicators are common data analysis instrument that allow you to adopt various forms of Fibonacci sequences into your chart's visual data. These indicators are primarily used in Stock and Candle Stick charts, as well as other XYSeries.
Fibonacci indicators expose the golden ratio symmetry between two given series points in different visual forms, depending on the kind of indicator.
Each point's coordinates are determined by its FinancialIndicator.Argument1, FinancialIndicator.ValueLevel1, FinancialIndicator.Argument2, and FinancialIndicator.ValueLevel2 properties. As a result, you can define the StockLevel.LowValue level for one point and the StockLevel.HighValue level for another point in a Stock chart (or the StockLevel.OpenValue and StockLevel.CloseValue).
Between these two extreme points (through which the base level lines pass), intermediate points are distributed (along with corresponding additional levels) based on values referred to by the golden ratio.
The appearance of an indicator's lines is adjusted via the Indicator.Brush and the Indicator.LineStyle properties. Common options for indicator labels are available via the FibonacciIndicator.Label property.
Note that all of the chart's indicators are painted based on a palette that is defined via the ChartControl.IndicatorsPalette property.
A Fibonacci indicator is represented by the FibonacciIndicator class instance residing in the IndicatorCollection, which is accessible via the XYSeries2D.Indicators property.
The table below lists the main properties that affect the element's appearance and functionality.
Class | The following are descendants of the Fibonacci |
Availability | |
Argument and Value Level | Financial |
Specific Options | Fibonacci |
Appearance | Chart |
Visibility and Legend Availability | Indicator. |
There are three kinds of Fibonacci Indicators available. Each kind has its own look and a special set of additional options.
#Fibonacci Arcs
FibonacciArcs are represented by concentric circles, the center of which corresponds to the FinancialIndicator.ValueLevel1 of the first point. The first point's value level, along with the second point's value level (FinancialIndicator.ValueLevel2), corresponds to the 0% and 100% radii (the base levels). Intermediate radii referred to the golden ratio (with the exception of the 50% level).
An example of Fibonacci Arcs can be seen in the following image (the 76.4% level is shown).
You can choose which levels are shown via the FibonacciArcs.ShowLevel100, FibonacciIndicator.ShowLevel23_6 and FibonacciIndicator.ShowLevel76_4 properties.
#Fibonacci Fans
FibonacciFans are represented by lines. The first point's value level (FinancialIndicator.ValueLevel1) is connected to the value level of a second point (FinancialIndicator.ValueLevel2) via the base level line which corresponds to the 0% level. The intermediate lines start from the same center (the first point's value level) and end at angles referred to by the golden ratio.
The following image is an example of Fibonacci Fans ( the 0% level is shown).
You can choose which levels to show via the FibonacciFans.ShowLevel0, FibonacciIndicator.ShowLevel23_6 and FibonacciIndicator.ShowLevel76_4 properties.
#Fibonacci Retracement
FibonacciRetracement takes the first point's value level (FinancialIndicator.ValueLevel1) as 100%, and draws a line across this point. The other point's value level (FinancialIndicator.ValueLevel2) is 0%, and a second line is drawn parallel to the first line. The intermediate space is marked off by parallels that are drawn where additional levels are positioned.
An example of Fibonacci Retracement can be seen in the following image (an additional 161.8% level is shown).
You can choose which levels to show via the FibonacciIndicator.ShowLevel23_6 and FibonacciIndicator.ShowLevel76_4 properties. In addition, the FibonacciRetracement.ShowAdditionalLevels option can draw golden ratio levels beyond 100% (e.g. 161.8%, 261.8%, and so on), depending on the size of the chart.