Fibonacci Support and Resistance

The Fibonacci studies in trendline mode are based on the Fibonacci summation series. The series is the sum of the previous two numbers 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 to infinity.

Fibonacci Support/Resistance - Once you have established your start and end points, horizontal retracement lines are then drawn. The lines are spaced from the price of the end point toward the start point at intervals of 23.6%, 38.2%, 50%, 61.8%, 100%, 161.8%, and 261.8% of the distance between the prices of the two points.