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The pack consists of three proprietary Fibonacci indicators. These indicators were developed to get the best out of the Fibonacci levels. The Fibonacci levels are used by many traders to draw future price ranges.
The pack is made by SignalWorks owner Lutz Engelland. For more than a decade, SignalWorks has been developing professional strategies, indicators and tools for the NanoTrader platform. This innovative Fibonacci pack includes the following:
NanoTrader Full can generate trading signals for all three tools.
This example shows the Fibonacci Retracement & Extension Tool and the relevant Fibonacci levels. These levels are calculated automatically once the trader draws the starting point and the end point of the initial red line.
This example shows the Fibonacci Expansion Tool and the predefined Fibonacci levels. These levels are calculated automatically once the trader draws the starting point and the end point of the initial green line.
Every Fibonacci indicator comes with a set of parameters that the trader must understand in order to set his indicator correctly. The parameters are divided into two categories:
This example shows the parameters for the Fibonacci Expansion indicator.
The Fibonacci specific parameters are:
In this example, the tool tip displays the number 950. So, the bar index of this candle is 950.
The visualization related parameters are:
This example shows a trader who applied the Fibonacci Expansion indicator to a 30-minute chart. He opted to use it as a signal and generated a buy signal when the price crossed above the signal line.