The Fibonacci Retracement Tool: Tutorial (New Text Feature)

Our Fibonacci Retracement tool now comes with a special text feature. Also, in this comprehensive tutorial, learn how to effectively use the Fibonacci Retracement tool. We'll guide you through the basics, demonstrating step-by-step how to apply the Fibonacci levels and interpret their significance in the market.
The Fibonacci Retracement tool is based on Fibonacci ratios, which are derived from the mathematical sequence where each number is the sum of the two preceding ones (0, 1, 1, 2, 3, 5, 8, 13, etc.). These ratios-namely 23.6%, 38.2%, 50%, 61.8%, and 100%-are crucial in identifying potential levels of support and resistance.
During the tutorial, you'll learn how to add text annotations to clarify your analysis and adjust the tool to your exact needs.
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[@mathewmacpherson857]

Been using TV for three years now and I learnt something new about the Fib tool on this video. Thanks very much

[@TradingView]

We love hearing this and it's exactly why we have our RUclips channel, to explain features like our Fibonacci tool. More videos coming about other tools

[@josephvarghesepadamsapple44]

Thank you 💙🤍

[@TradingView]

You’re welcome 😊 and much more on the way

[@dybo79]

One minor change is needed for this neat feature. The ability to save the text on the fib as a template. We're likely to be using the same text so it makes no sense to have to input it every time.

[@joeledge0012]

Facts

[@eingelvf]

fibonacci levels in log scale or regular?
my charts always in log scale

[@Rightgroup1]

Thanks for the informative video
How can I have confidence in it though if you remove the Dynamic Dom Mode?
You have made a world class platform
When will it be reinstated?
What is next to be removed?
Please respond

[@netjac]

Nice but Fibonacci levels are essentially arbitrary horizontal lines on a chart. Their perceived significance comes from the self-fulfilling prophecy of many traders watching and reacting to the same levels

[@TradingView]

We have several updates coming to our screener tools as well as some helpful videos planned to make the transition much easier for everyone. The capabilities will be excellent. Stay subscribed here and we'll upload them when ready.

[@boikobomasasa5177]

Wow😅

[@TradingView]

Indeed! Give it a try and let us know what you think