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On SharpCharts, the Fibonacci Retracements Tool can be used to measure Fibonacci retracements. First, choose a security and open a SharpChart. Second, choose “Annotate” to open ChartNotes and add annotations. The Fibonacci tools are located at the top-left in the middle of the icon row. Choose (left click) the Fibonacci Retracements Tool, which is the first icon with the horizontal lines, to select for drawing. Move to your desired starting point, left click and hold, drag to the ending point and release. Voila! You now have a Fibonacci retracements on your chart.
Click this image for a live chart.
These retracement lines can be adjusted. Hold the CTRL key and left click the top or bottom lines (0.0% or 100.0%) to add or remove the price levels. Chartists can also add two more retracements to the mix (23.6% and 161.8%) by holding the CTRL botton when selecting the Fibonacci Retracements Tool icon. Also notice that there are three other Fibonacci tools to work with (Fibonacci Arcs, Fibonacci Fan Lines and Fibonacci Time Zones. You can read all about these Fibonacci tools in our ChartSchool under Chart Analysis/Charting Tools (click here).
