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FIBO Break Out

At 8:00 GMT:

  1. Look for the High and the Low occurred between 5:00 GMT and 8:00 GMT.
  2. Plot Fibo from the High to the Low to indicate targets, support and resistance.
  3. Draw a 50% breakthrough line from the Low to the nearest High OR from the High to the nearest Low.
  4. Wait for a breakthrough on the 50% Fibo line or trend continuation on the same level.
  5. Enter on the breakthrough or on the bounce from the breakthrough level.
  6. Take profit on the targeted level, or adjust our 50% line to the nearest High or Low and wait for another entry, if the targeted level holds its position. (Please note that entries may occur on long and short levels)
  7. Adjust Fibo Bobokus to a newly appeared High or Low to see new targets.

Repeat steps 3-7

It is noteworthy: If you enter long positions, you should draw Fibo lines from the High to the Low of the last main movement before a reversal where you trade, so you could find support (19.1 %) or resistance (80.9 %), as the market usually comes back to these levels after the reversal.

Adjustable parameters:

  • The number of days per - calculation period in days. Default value if 20 days.
  • Start time range calculation - start time of the range. Default value is "05:00".
  • End time range calculation - end time of the range of calculation of max and min prices for the period. Default value is "08:00".
  • Restriction on the use of Fibo - default value is 30 points
  • The format of the output range - 1 - a line, 2 - rectangle. Rectangle by default.
  • on/off drawing Fibo Bobokus - displaying Fibo Bobokus. Disabled by default.
  • Color drawing Fibo Bobokus - Fibo Bobokus color.
  • Color vertical line - color of lines.
  • Color drawing Rectangle - rectangle color.
  • on/off beep START - signal of the range formation end.
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