Save time and avoid the user errors that come with drawing your own Fibonacci levels. This TradeStation indicator will automatically plot Fibonacci retracements for you. Fibonacci retracements are calculated by measuring the distance between a peak and a valley, and multiplying this distance by the Fibonacci ratios.
This indicator can be customized to either calculate the retracements using the highest and lowest points on the entire chart, or to calculate the retracements using smaller swing highs and lows. It can also show Fibonacci extensions in addition to retracements.