Thu. Jun 13th, 2024

Editing Fibonacci on tradingview: A Step-by-Step Guide

One of the most powerful tools for technical analysis on TradingView is the Fibonacci retracements. With the ability to identify potential support and resistance levels, these retracements can greatly enhance your trading strategy. In this article, we will show you how to edit Fibonacci levels on TradingView and make the most out of this indispensable tool.

Step 1: Adding Fibonacci Retracement

To begin, open the TradingView platform and select the desired chart. Look for the toolbar on the left-hand side and click on the “Fibonacci Retracement” icon. This will enable the Fibonacci drawing tool on your chart.

Step 2: Adjusting Fibonacci Levels

Once you have added the Fibonacci retracement, you can now customize it according to your needs. Hover your mouse over the Fibonacci line until you see a small circle appear on one of the levels. Click on the circle and drag it up or down to adjust the level. You can also delete unnecessary levels by clicking the “X” icon on each level.

Step 3: Adding Extension Levels

Besides retracement levels, TradingView also allows you to add extension levels to your Fibonacci tool. Simply right-click on the Fibonacci retracement and select “Add Extension Levels.” This will enable you to project potential price targets beyond the current price action.

Step 4: Saving and Applying Fibonacci Settings

To save your customized Fibonacci levels and settings, right-click on the Fibonacci retracement drawing and select “Save Settings.” You can then give your settings a name and save them for future use. To apply saved settings to another chart, right-click on the Fibonacci retracement icon, select “Style,” and choose the saved settings from the drop-down menu.

Conclusion:

Mastering the art of editing Fibonacci on TradingView can greatly enhance your technical analysis skills. By customizing the retracement and extension levels, you can better identify potential support and resistance zones, as well as project future price targets. So, go ahead and make the most out of this powerful tool to improve your trading decisions on TradingView.

By admin