EURUSD 1.1698 USDJPY 111.40 USDCAD 1.2485 EURCZK 26.028 USDCZK 22.246 EURPLN 4.2539 USDPLN 3.6365
EURUSD 1.1698 USDJPY 111.40 USDCAD 1.2485 EURCZK 26.028 USDCZK 22.246 EURPLN 4.2539 USDPLN 3.6365

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Fibonacci Fans identify an array of potential lines of support or resistance during future market action

Rule of thumb

Fibonacci Fans are a more complex version of the Fibonacci Line, enhanced by two additional support/resistance lines

 

They are also similar in terms of interpretation

Fibonacci Fans are based on the golden ratio – the proportion between the subsequent numbers in the Fibonacci sequence. Fans are used to identify resistance and support lines, and for this purpose three ratios are used: 38.2%, 50%, and 62.8%.

 

fibonacci fan, theorie, golden ratio

 

As Fibonacci techniques are based on two price points – two opposite local market extremes (a peak and a low), once the vertical distance between these two points is established, the ratios are used to draw three lines. These lines run from the leftmost point to the levels based on the Fibonacci ratios. The fans identified with this technique are considered by Fibonacci theory followers as significant resistance and support lines.

 

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

 

How to use it with MetaTrader 5:

  • Look for a local market  extreme – either a peak or low.
  • In the MeaTrader 5 menu choose “Insert”, then “Objects”/”Fibonacci”/”Fibonacci Fans”.
  • With the left mouse button press  the first market  extreme and drag the mouse to the second point.
  • The fans will be created automatically by MetaTrader 5.

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