The Lucrum Fibonacci Extension indicator (ZZFib) is a tool for NinjaTrader 7 and 8 that calculates the respective Fibonacci retracement levels based on the peaks and valleys of a range bound indicator. The indicator has a variable parameter to set the sensitivity of the high and low ranges to adjust for various timeframes and trading styles.
The Lucrum Fibonacci Extension indicator is a tool that calculates the deviation of price between peaks and valleys. From those ranges, the indicator creates a developing series of Fibonacci retracement levels as price changes. Once the price diverts in the other direction and breaks the deviation range, a new series of Fibonacci extensions will form.
The oscillator located at the bottom of the chart measures the distance between price and the nearest Fibonacci level. The black band within the oscillator monitors when the price is trailing above or below the formed Fibonacci levels.
Fibonacci extension and retracement ranges is a widely used tool by technical traders to find key price points to make their trading decisions.
Fibonacci levels commonly coincide with price support and resistance levels as well as price targets and breakout ranges. By monitoring this indicator you can begin to see opportunities for things such as entry targets, stop loss points and take profit points.
This simple to use indicator can provide insight to significant pricing levels to shape your trading decisions.
