Customizing Fibonacci Levels
- How to modify your Fibonacci levels in the drawing tool settings
- How to save them as a default setting so you don't have to change them every time.
Step 1 - Place the Tool on the Chart
- Draw the Fibonacci Retracement tool onto a chart. You can do this by clicking on the pencil icon on the chart's menu and going down to Fibonacci retracement.
Step 2 - View The Indicator Properties
- Right Click on the chart's Fibonacci tool that you just created in step 1.
- Select Properties...
Step 3 - Edit the Price Levels Section
- Scroll Down under the properties.
- When you hover your mouse over the "12 price levels" or whatever number you have listed, it will change to Edit price levels...". Select this option and a new window will open.
Step 4 - Add in the Levels
- Add / Remove buttons are at the bottom of the window where you can add in different levels. Press OK when done to close the price level window and then you will see "templates" in the bottom right. Click on Template and hit "Save".
Step 5 - Save Your Changes
- Call it default so that it will use these ratios every time you use the tool from now going forward.
- If you call it anything but default, it will not use your customization the next time you use the tool automatically.
Why modify your Fibonacci level's anyways?
What is Fibonacci retracement levels in forex, stocks and futures?
A Fibonacci retracement level (or for short, a "fib level") is just a measurement of how far price retraces from any high to low in your charts. The different levels are just a vertical distance in a percentage from the Fibonacci sequence and where technical analysis traders look for support and resistance in their chart.
We use Fibonacci retracement levels to construct patterns. It won't matter if your doing this if you're forex trading, stock trading or using it on the futures market. Most of our 5 point patterns is a combination of 12 fibonacci measurements using both Fibonacci time and Fibonacci price. This can be a lot to draw out manually which is why we have drawing tools for NinjaTrader 8 that let you do it in just 5 clicks.