Tuesday CL 11/21/2017 : Hot Topic


The FibTool automatically draws Fibonacci retracement lines across your chart using the high and low price during a specified time period as the extreme values to perform those calculations. The FibTool automatically adjusts its values as the high and low are breached.

The FibTool automatically draws Fibonacci retracement lines across your chart using the high and low price during a specified time period as the extreme values to perform those calculations. As the high and low prices are breached the FibTool will automatically adjust the Fibonacci levels for you. The FibTool is part of the ToolPack and is included in your subscription to the ToolPack.


  • You can change the start and end time to suit your trading style.

  • FibTool draws up to 5 lines on your chart.

  • FibTool can be loaded multiple times onto a chart so that you can have unlimited Fibonacci lines over different time periods.

  • FibTool allows you to specify the color, thickness and style of each line.

  • FibTool allows you to disable and hide the lines that you don't want to see.

  • You can change the Fibonacci percentages used in the calculations to anything that you want.

  • You can display custom labels on each line and also display the price at that label.

  • You can use it as a type of IBTool by specifying the start and end periods as the Initial Balance (IB) period and watch the IB develop during the IB period of trading.

  • You can specify percentage levels above 100% and below 0% which allow the FibTool to automatically draw Fibonacci extensions in real time.


  • You need to be running eSignal 7.9 or higher to use this tool.

  • It is one of many indicators available to Premium Members.

How does it work?

The FibTool watches the high and low price during the time period that you have specified. When either the high or low is breached it will recalculate the Fibonacci (and other) levels and redraw the lines across the chart for you. This happens instantaneously and automatically so you will hardly see it happen.




Show Labels On by default. Check this off if you don't want the lines to have labels on them.
Show Values On by default. You MUST also have Show Labels checked on for this feature to work. This will put the value next to the label. The value will be formatted in the standard chart formatting. For example, values of the ES will not show the decimal point and values for bonds will be displayed in 32nds.
Label Position Specify if you want the label to the left or the right of the line. This option is (obviously) only relevant if you have selected Show Labels.
StartHour and StartMinute The hour and minute to start calculations.
EndHour and EndMinute The hour and minute to end calculations.

For each of the 5 lines

Line N On Check this off if you don't want this line to be drawn on the chart.
Line N Label Change the label to whatever you want. This label will appear on the chart.
Line N Pcnt This is the clever part. For any of the lines you can specify a percentage which is taken as a percentage of the range (high - low) during the time period that you specified. 100% is the High and 0% is the Low. More on this below and how to replicate the IBTool using this tool.
Line N Color Select a color for this line.
Line N Thick Select a thickness for this line.
Line N Style Select a style for this line.

Using the FibTool as an IBTool

The FibTool is not only used for automatically calculating Fibonacci retracements in real time. It can be used to calculate any percentage of the range (high - low) during your specified time period.

For example, the Initial Balance is the range during the first hour of trading in most instruments (for bonds it's the first 40 minutes). The Initial Balance High (IBH) and Initial Balance Low (IBL) are the high and low values during this period. Double IBH and IBL (DIBH and DIBL) are 200% and -100% of this range. So if you wanted to watch the IB and double the IB developing during the first hour of trading you would set-up the FibTool with 4 lines and disable the fifth line. You would set the LineNPcnt for each of the lines to 200, 100, 0, and -100 respectfully and then set the start and end times to when the IB for that symbol is calculated. So while the IB is developing you will see the IBH, IBL, DIBH, and DIBL changing as new highs and lows are made. You can change the labels appropriately so that you know what each line is.

You may still want to use the IBTool on the same or other charts because the IBTool also provides other information about the IB such as the average IB over a number of days and other statistics. Also the IBTool only starts drawing the IB at the end of the IB period which you may prefer.

Using the FibTool for extensions

The FibTool can also be used in the same manner described above to calculate Fibonacci extensions. Remember that a Fibonacci extension is just a percentage extension beyond a specified range.

So if you wanted to know the 61.8 % extension off the high you would set the LineNPcnt to 161.8 for that line and if you wanted to know the 61.8% extension off the low you would set the LineNPcnt to -61.8 for that line.

If you are unsure about what values to use for extensions then ask in our support forum. You may also want to try and use the manual Fibonacci Extension line that is available on eSignal and compare that to what you are getting from the FibTool.


Remember that the FibTool can be loaded onto the same chart as many times as you want so you can keep an eye on the calculations of as many levels as you want to and each will be updated in real-time for you. You can also watch different time periods with each loading of the tool and all of the colors, thicknesses, and styles of the lines can be changed so that you can quickly see and remember what the line means. This allows you to watch clusters develop.


Here is an example of the FibTool in action.

This is the ES chart on 3 June 2005 with the default FibTool configuration loaded.

The chart is self explanatory and you can see the labels and the values at each label. You can also see that the values are printed in the standard formatting for that symbol which in this case is to 2 decimal places but without showing the decimal point. On a bond chart for example these values will show with the last 2 digits being 32nds.

It is also interesting to note that the high value of the day (if you include the pre RTH prices) was before the default start time of 09:30. If you wanted to capture the pre-market values in calculations done by the FibTool then you would set the start time to an earlier time, for example to 01:00 or 00:01.

As always, if you have any questions about this tool or anything else on this site then feel free to ask in our support forum .

Other indicators in this Pack/Series:

Emini Day Trading / Daily Notes / Forecast / Economic Events / Trading Indicators / Search / Terms and Conditions / Disclaimer / Books / Online Books / Site Map / Contact / Privacy Policy / Links / About / Day Trading Forum / Investment Calculators / Pivot Point Calculator / Market Profile Generator / Fibonacci Calculator / Mailing List / Advertise Here / Articles / Financial Terms / Brokers / Software / Holidays / Stock Split Calendar / Features / Mortgage Calculator / User Pages / Donate

Copyright © 2004-2017, MyPivots. All rights reserved.