FiboChart - Fibonacci Retracement and Extension Overlay Tool for Stock and Forex Traders

FiboChart - Fibonacci Trading Tool

FiboChart was developed as a solution for the many short and long term position traders, swing traders, and day traders who do not subscribe to the expensive and fully-featured trading platforms such as RealTick, Cybertrader, and Interactive Brokers, or work full-time in other careers and put on trades at the office.

Key Feature Summary

  • Drag and Drop - place FiboChart over any chart, then drag and drop the High and Low lines for quick analysis
  • Fibonacci Retracement Grids and Calculator - primary and secondary grids (with standard retracement levels of 23.6%, 38.2%, 50%, and 61.8%), both of which can be inverted based on trend direction. Retracement and Extension grids also support adding your own custom levels directly on the overlay.
  • Fibonacci Extensions Grid and Calculator - adjustable grid showing Fibonacci extension levels of 119.1%, 138.2%, 161.8%, and 261.8% along with the standard reference levels of 25%, 50%, and 75%.
  • Pivot Point Calculator - conveniently calculate daily resistance and support levels.
  • Non-Standard Fibonacci Levels - FiboChart now supports adding non-standard (custom) support and resistance levels to your charts.

Toolbar Features

  • Save Template – Load, Save, or Delete Retracement, Extension, and Pivot Point templates. For Retracements and Extensions both the prices and the Fib line positions are saved. Only prices are saved for Pivot Points.
  • Add Trend Line – Add one or more trend lines to your charts. Trend lines can be moved by hovering over either endpoint of the trend line until the cursor changes to a ‘hand’ icon and dragging. Trend lines can be deleted or customized (color, etc.) by right-clicking on a trend line endpoint and selecting an option from the context menu.
  • Remove all Trend Lines - Removes all trend lines from the select tab (Retracements, Extensions, etc).
  • Capture Screen – Capture a screenshot of the currently setup and save as a bitmap (.bmp) file. Upon clicking the ‘Capture Screen’, highlight the selected area of the chart starting by left-clicking starting in the upper-left hand corner and dragging to the bottom-right. You will then be prompted to save your chart as a .bmp file.
  • Undo – Undo the last Fib line move operation. (Optionally, you can use ctrl-z).
  • Add Custom Fib Line - Add non-standard Fib lines by entering a value between 1 and 100 to be calculated as a percentage. For example, to display a Fib line at 14.7%, enter 14.7 and click the plus (+) button. Custom Fib lines can be removed by right-clicking on the left-hand side label and select ‘Remove’.
  • Opacity – move the Opacity slider to adjust the level of FiboChart transparency.
  • Transparency – checking this checkbox causes the main FiboChart viewport to be transparent allowing the underlying chart to show. Unchecking removes the transparency.
  • Always On Top – checking this checkbox causes FiboChart to always ‘float’ on top of other windows. With this selected you can interact with the underlying chart while keeping FiboChart on top of the chart and visible.
  • Show / Hide Calculation Bar – checking this causes the Retracement, Extension, and Pivot Point calculators to display on the left-hand side of the main FiboChart window.

Tab Features

  • Retracements – provides the standard Fibonacci retracement levels of 61.8%, 50%, 38.2%, and 23.6%. Unique to FiboChart is support for non-standard levels using the ‘Add Custom Fib Line’ toolbar feature. The Retracement tab supports 2 sets of Fibonacci retracements lines (primary and secondary) providing the ability to apply Fib retracement lines within smaller/shorter trends. When working with Retracement lines, you can drag the High below the Low and vice-versa. The price labels will automatically recalculate based on the Fib percentage inversion. For example, 61.8% will be calculated based on the Low instead of the High by simply dragging the Low line above the High.

  • Extensions – provides the standard Fibonacci extension levels of 119.1%, 138.2%, 161.8%, and 261.8%.

  • Pivot Points – provides calculations for the standard Pivot Point (PP), Resistance (R1, R2, R3, R4), and Support S1, S2, S3, S4 (levels) given values for Open, High, Low, and Close. Note: pivot point lines are manually adjustable for visual reference but do not move based on pixel interpolation calculations.

  • Grid Appearance – each tab (Retracements, Extensions, Pivot Points) supports Grid Color to change the color of the Fib lines as well as a Show/Hide checkbox that toggles the visibility of the lines.

  • Fib line adjustments – any line that can be dragged contains a rectangular handle in the middle of the line. Selecting a High/Low handle causes each line to re-calculate its position based on the Fibonacci level percentage distance that it represents. Selecting and dragging the 50% retracement or extension line results in all lines moving together. Note: re-calculation of Fibonacci level distances is solely based on pixels on the screen and not dollar amounts as FiboChart has no knowledge of the underlying chart that it overlays.

  • Labels – each line contains 2 labels – the Fibonacci level ‘name’ label and the ‘price’ label The ‘name’ label text is fixed while the ‘price’ label changes based on the prices entered in the calculation bar.

As driven home many times in Alan Farley’s The Master Swing Trader and Hard Right Edge, technical indicators help in determining future direction and offer confirmation when determining entry, exit and stop-loss levels for trades. When multiple indicators converge at the same entry and/or exit points, such as 2 Fibonacci retracement levels, one short term and one long term, the probability of a reversal taking place at that level can often be greater than if there were no convergence. A Fibonacci level combined with a 34, 50, or 200 day moving average is a great example where one would find cross-verification of a potential reversal point.