EURUSD 1.1699 USDJPY 111.39 USDCAD 1.2485 EURCZK 26.029 USDCZK 22.245 EURPLN 4.2534 USDPLN 3.6357
EURUSD 1.1699 USDJPY 111.39 USDCAD 1.2485 EURCZK 26.029 USDCZK 22.245 EURPLN 4.2534 USDPLN 3.6357

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Fibonacci Arcs identify the potential support levels using Fibonacci’s golden ratio

Rule of thumb

The support lines indicated by Fibonacci Arcs can also be considered as  an indication of maximum range of the potential retracement of the main market tendency

Fibonacci Arcs are somewhat similar to the Fibonacci Fans in the way they are calculated, but the point of reference is different.

 

Fibonacci Arcs, Fibonacci golden ratio, theory

 

A trendline is drawn between two points, and based on the length of the trendline, the Fibonacci ratios of 38.2%, 50% and 62.8% are calculated in that line. Next, three arcs are drawn, which are three half-circumferences (sometimes full circumferences), passing through the calculated ratios in the trendline. These arcs are used for both resistance and support lines, depending on the position of prices.

 

You can also refer to the general introduction to the Fibonacci theory.

 

How to use it with MetaTrader 5:

  • Look for a pair of local market  extremes (a peak and a low).
  • Click “Insert” in the MetaTrader 5 menu, then “Objects”/”Fibonacci/Fibonacci Arcs”.
  • With the left mouse button choose the first market  extreme, and drag the mouse cursor to the second point.
  • The Arcs will be created automatically by MetaTrader 5.

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