Fibs from Current Month

Fibonacci Indicator - The Current Month Levels

The Fibs from the Current Month display Fibonacci retracements and expansions calculated from the current month high and low. The high and low points can be measured from daily data or from intraday data.

Indicator Description

The numerical values from the Current Month Fibonacci indicator can be defined individually. In the event that you’d like to eliminate certain levels, simply set the value for these lines to zero. If you want to add more retracement or expansion levels from the current month Fibs, you may do so by adding several instances of the indicator to your chart.

Generally, Fibonacci retracements refer to areas of support or resistance levels calculated by using the Fibonacci sequence. The main concept here is what’s called the Golden Ratio, which refers to 1.618 and it’s inverse .618. Leonardo Fibonacci (1170-1250), an Italian mathematician, is credited for introducing the sequence to the West.

The Current Month Fibonacci indicator can be used to identify potential reversal 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. The current month Fibonacci levels are found by measuring the distance between the day high / low and dividing the vertical distance by the key Fibonacci ratios. The most commonly used Fibs from the Current Month 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).

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 LevelsCurrent Week Fibonacci Levels / Prior Week Fibonacci Levels, the Prior Month Fibonacci Levels and the Current N Month Fibonacci Levels / 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.

Our Indicator Spotlight furthermore discussed the Daily Pivot Levels.

The indicator is available for NinjaTrader 8.