Fib Time Zone
Appication
Fib Time Zone is a technical analysis tool consisting of a series of vertical lines which extend along the time (horizontal) axis.
Fibonacci time zones only indicate potential areas of importance related to time. No regard is given to price.
The base interval is set by drawing a trend line between price highs or lows. The Time Zone tool then plots a series of vertical lines at increasing intervals.
Fibonacci Time Zone parameters are defined by the Fibonacci Sequence. Starting with 0 and 1, each number is the sum of the two prior numbers (1+2=3, 2+3=5, 5+8=13 8+13=21 etc…).
The main function of the Fibonacci Time Zone tool is to forecast or anticipate potential reversals based on elapsed time.
The first few Fibonacci numbers create relatively tight Fibonacci Time Zones at the beginning of the chart. Because of this it may be necessary to ignore the first few zones. After the first few zones, the zones expand quickly and allows some breathing room as the sequence unfolds. The basic theory behind Fib Time Zones is that potential reversal points can be found by looking ahead to the starting point of new zones.
Style
In Style property dialog it is possible to change the appearance and configuration of a Fib Time Zone and save these custom changes as template if needed:
Initial Line
Checkboxes toggle the visibility of the drawing lines. With the switches beside you can also set the color, thickness and style for each line.
Also, it is possible to enter a custom value for the line's placement and set the color and opacity for each line.
Use one color
Use this drop-down to select one color for all the lines and the background between them.
Show Labels
Toggles visibility of labels with lines' values.
Background
Toggles the visibility and opacity for the background fill between the Fib Time Zone's levels.
Coordinates
In Coordinates properties dialog, you can set precisely the position of the Fib Time Zone by setting it's initial points' position on the price scale (by setting the price) and the time scale (by setting the bar number) and save these custom changes as template if needed:
Price 1
Allows for the precise placement of the fib time zone's first point (Price 1) using a bar number and price.
Price 2
Allows for the precise placement of the fib time zone's second point (Price 2) using a bar number and price.
Visibility
In visibility properties dialog you can toggle displaying of the Fib Time Zone on charts of different timeframes.
Allows to configure a drawing to be displayed on particular intraday and daily timeframes on chart. For any timeframe you can select either to show it, or to hide and save these custom changes as template if needed:
