The Fibs from the current N Months will display Fibonacci retracements and expansions calculated from the current N months high and low. For example, the indicator can be used to plot yearly fib retracement levels. Furthermore, the high and low points can be measured from daily data or from intraday data. Other than the below description, you may also review our Indicator Spotlight on the Fibonacci Retracement Levels (with video).
Indicator Description
The numerical values for the the current N Months Fibonacci levels can be defined individually. In the event that you’d like to eliminate certain levels, simply set the value for these lines to zero. To display more fib retracement levels or expansion, simply add several instances of the indicator to your chart. The current N Months Fib levels can be used to create current bi-monthly, quarterly, bi-annual and yearly Fib retracement levels.
The current N Months fib retracement levels refer to areas of support or resistance calculated by using the Fibonacci sequence. For example, these levels can be used to identify potential current year retracement and extension scenarios. Following a strong uptrend, the levels are used to predict the extent of a pullback. The same can be done during a downtrend, i.e. evaluating how far a counter-trend bounce may retrace. Yearly fib retracement levels can be found by measuring the distance between the day high / low N month period, dividing by the vertical distance by the key Fibonacci ratios. The most commonly used yearly Fib retracement levels are 38.2% and 61.8%. Although the 50% retracement is not part of the Fibonacci sequence, it is almost always included as a point of reference (half the range).
Leonardo Fibonacci
Leonardo Fibonacci (1170-1250), is credited for bringing the sequence to the West This is what’s called the Golden Ratio, referring to 1.618 and it’s inverse .618. Using the sequence, Fibonacci noticed that certain ratios could be calculated, and that these corresponded “divine ratios” found throughout nature, architecture and art.
Other Library indicators
Our Indicator Library for NinjaTrader 8 has a separate category with Fibonacci indicators, including the Current Day Fibonacci Levels / Prior Day Fibonacci Levels, Current Week Fibonacci Levels / Prior Week Fibonacci Levels, the Current Month Fibonacci Levels / Prior Month Fibonacci Levels and the Prior N Month Fibonacci Levels. Our Indicator Spotlight also discussed Fibonacci Retracement Levels specifically. Additionally, this category also contains the Fibonacci Bands indicator.
Additional support resistance indicators can be found in our session tools category, including the Standard Daily Pivots / Camarilla Pivots Daily / Rolling Daily Pivots, Standard Weekly Pivots / Camarilla Pivots Weekly / Rolling Weekly Pivots, Standard Monthly Pivots / Camarilla Monthly Pivots / Rolling Pivots Monthly and the Standard N-Monthly Pivots / Camarilla N-Monthly Pivots.
Furthermore, you may consider average daily range levels for support / resistance. Our Indicator Spotlight discussed the Daily Range Projections and the Weekly Range Projections / Monthly Range Projections are also available from our Volatility Indicators category.
Our Indicator Spotlight furthermore discussed the Daily Pivot Levels and the Daily Range Projections indicator.
The indicator is available for NinjaTrader 8.
