You are here

Fibonacci Ruler Tool

Printer-friendly versionPDF version
Fibonacci Ruler Tool

To measure the different retracement levels within a market, select the Fibonacci Ruler tool from your drawing tools toolbar. Click on the chart where you would like the ruler to begin. Hold the mouse button down and move to the lower right position of the rule. Release the mouse button to place.

Fibonacci Retracements

Fibonacci Retracement levels correspond with percentage retracements that occur in the ebb and flow of a market trend. According to the Elliott Wave Theory, market trends tend to occur in five distinct waves. See the Elliott Wave section for more information. Elliott asserted that these counter-trend waves will usually retrace against the trending waves by 38.2, 50, and 61.8 percent. These retracement percentages correspond to natural ratios discovered by the Greeks called the Golden Ratio and rediscovered by Fibonacci, a medieval Italian Mathematician.

Commodity prices will frequently consist of an initial wave, a second wave (often retracing 61.8% of the initial move), a third wave (usually the largest), another retracement, and finally a 5th wave (the last gap), which would exhaust the movement.

In Track ‘n Trade Live, you have three tools that you can use to apply these concepts: Fibonacci Retracement, Fibonacci Time Zones, and Fibonacci Arc.



Resizing the Fibonacci Ruler

Select the drawing by clicking on it. You will know the drawing is selected when boxes appear at the corners. Click on a box and drag it to your desired location. Release the mouse button to place.

Moving the Fibonacci Ruler

Select the drawing by clicking on it. Drag to the new location and release the mouse button to place.

Deleting the Fibonacci Ruler

Select the drawing by clicking on it. Press the Del (Delete) key on your keyboard. You can also right-click the drawing and select “Delete” from the drop-down menu.


Fibonacci Ruler Example


With your Preferences Tab open, select the drawing by clicking on it. The properties will appear in the preferences section of your control panel. You may also right-click the drawing and select Properties to open the Fibonacci Ruler preferences within the Preferences Tab.

Fib Ruler PrefRestore Settings: TNT Default will change your settings back to the original software settings. My Default will change current settings to your personalized default settings. Apply To All Charts will apply your selected settings on all open charts. Save As My Default will save your current personal settings.

Line: From here you can choose the color, line style, and line thickness

Background: Select the color you want for the background of the Fibonacci Ruler.

Fib: Default Fibonacci Ruler. Check, blue square, or uncheck to show, customize or hide Fibonacci lines.






Retracements: Check Retracements to display Fibonacci retracements values on your drawn Fibonacci Ruler.






Projections: Check Projections to display Fibonacci projection values on your drawn Fibonacci Ruler.





Predictions: Check Predictions to display Fibonacci prediction values on your drawn Fibonacci Ruler.

Time Zones: Check Time Zones to display Fibonacci time zone values on your drawn Fibonacci Ruler.

Squaring / Division: Choose between displaying the Fibonacci Ruler being calculated as squared (78.6%) or displaying it as a division (76.4%).

Font: Select the font, size of the font, and color of the text. You can also choose to bold or italicize your text. Select the checkbox next to Show Text to hide/show your text on the chart.

Snap: Select to have the Fibonacci Ruler snap to price bars when moved.



Checked: line will appear with default Fibonacci values.


Blue square: line will appear with the option to enter a custom percentage value.


Unchecked: line will not appear within the Fibonacci Ruler on the chart.