 # SignalWorks Fibonacci Tools Pack

## Description

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:

• Fibonacci Retracement & Extension Tool: Retracements determine support and resistance levels. They are created by taking two extreme points on a chart and dividing the vertical distance by the standard Fibonacci ratios.
• Fibonacci Expansion Tool: Expansion levels determine the ‘third wave’ of a price movement. It is very similar to the Fibonacci Retracement & Extension tool with the exception that the expansion is built along two waves rather than one trend line.
• Fibonacci Projection Tool: Price projections uses the Fibonacci ratios to analyse price movements. They identify support and resistance levels. The tool is based on the premise that the market price will first retrace a predictable portion of a move, after which, the market price will move again in the original direction of move, and will extend towards the projected Fibonacci levels.

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. ## How to set a Fibonacci indicator?

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:

1. Fibonacci specific parameters (green box)
2. Visualization parameters (orange box)

This example shows the parameters for the Fibonacci Expansion indicator. The Fibonacci specific parameters are:

• Signal_OnOff: Activates (=1) or deactivates (=0) signals in NanoTrader Full if the price crosses above / below the Fibonacci signal line.
• BAR_1, BAR_2, BAR_3: Definition of the so-called "base swing" (a price move from a starting – to an endpoint) must be defined via the "BAR" parameters. With the help of a mouse-over on the candle the user can show the correct bar index of the candle in the chart.

In this example, the tool tip displays the number 950. So, the bar index of this candle is 950. • EXP_CalcMode: This parameter is used to determine the Fibonacci trend (auto = automatically detected based on the BAR parameters; up = uptrend; down = downtrend).
• EXP_1 – EXP_6: Define the Fibonacci retracement levels in percent

The visualization related parameters are:

• Ratio_Label: Specifies whether the labels on the Fibonacci levels are given as percentages only (=ratio only) or in combination with price values in brackets (=ratio&prices).
• Ratio_Position: Sets the position of the label (left, center or right).
• Ratio_SpaceH: Adjusts the horizontal position of the label (a positive value moves it to the right and a negative value moves it to the left).
• Ratio_SpaceV: Adjusts the vertical position of the label (a positive value moves it further up and a negative value moves it further down).
• Show_BarLine: Activates (=yes) or deactivates (=no) the visualization of the initial swing lines.
• Show_HighLight: Highlights the end of the initial swing lines and the start of the drawing of the Fibonacci levels.
• Show_Expansion: Activates (=yes) or deactivates (=no) the drawing of the Fibonacci levels.
• Show_Ratio: Activates (=yes) or deactivates (=no) the visualization of the label.
• Show_SigLevel: Activates (=yes) or deactivates (=no) the visualization of price level, where a signal can be generated.
• Show_ToolTip: Activates (=yes) or deactivates (=no) the indexing of the candles.
• MessageBox: Activates (=yes) or deactivates (=no) a message box alert if the price reaches a new Fibonacci level.
• PlaySound: Activates (=yes) or deactivates (=no) a sound alert if the price reaches a new Fibonacci level.
• SendEmail: Activates (=yes) or deactivates (=no) an email alert if the price reaches a new Fibonacci level.

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. 