What it draws
Draws a set of parallel diagonal lines spaced at Fibonacci ratios (0.382, 0.5, 0.618, 1.0, 1.618, etc.) of a base channel's width, all sharing the base line's slope. It applies fib proportions to trending, diagonal price action rather than horizontal swings.
How to draw it
- Pick Fib Channel from the left toolbar (Fibonacci group).
- Three points: click the start and end of the base trend line, then a third point to set the channel width; the fib-spaced parallels are drawn from that width.
How traders use it
- Use the inner ratio lines (0.382/0.5/0.618) as pullback support within an up-sloping channel, mirroring horizontal retracement logic on a diagonal.
- The 1.0 line is the primary channel boundary; the 1.618 line catches overshoots and blow-off extremes beyond it.
- Track which ratio line price rides: migrating from upper to lower lines inside the channel is early evidence of weakening trend pressure.
- Combine with horizontal fib retracements — a diagonal ratio line crossing a horizontal fib level creates a time-and-price confluence point.
Settings reference
Double-click the drawing (or use its floating toolbar → gear) to open settings:
| Setting | Control | Possible values | Default | Effect |
|---|---|---|---|---|
| Fibonacci Levels | levels-editor | per level: visible checkbox, value (number, step 0.001), color swatch, line style (solid/dashed/dotted), delete; "+ Add Level" appends a new level | 0, 23.6%, 38.2%, 50%, 61.8%, 78.6% (hidden), 100%, 127.2% (hidden), 161.8%, 261.8% (hidden), 361.8% (hidden), 423.6% (hidden) | Defines the retracement/extension ratios drawn between the anchors — each level’s visibility, ratio value, color and dash pattern is editable, and levels can be added or removed. |
| Extend | multi-select | Extend left line | Extend right line (dropdown summarizes as Don't extend / Extend left line / Extend right line / Extend both) | Don't extend | Extends the line past its anchor points to the left and/or right edge of the chart. |
| Reverse | checkbox | on/off | off | Flips the 0 and 1 anchors so the levels are measured in the opposite direction. |
| Show Coefficients | checkbox | on/off | on | Shows the ratio value (e.g. 0.618) in each level’s label. |
| Show Prices | checkbox | on/off | on | Shows the actual price of each level in its label. |
| Coefficients as % | checkbox | on/off | off | Displays level coefficients as percentages (61.8%) instead of ratios (0.618). |
| Show Trendline | checkbox | on/off | on | Draws the base trendline between the two anchor points. |
| Log Scale Levels | checkbox | on/off | off | Computes level prices logarithmically — matches the visual spacing when the price scale is logarithmic. |
| Color | color | any color (theme color picker) | #05B878 | Main stroke color of the drawing — lines, outlines and (unless overridden) labels derive from it. |
| Line Width | select | 1px | 2px | 3px | 4px | 2px | Stroke thickness of the drawing’s lines and outlines. |
| Line Style | select | Solid | Dashed | Dotted | Solid | Dash pattern used for the drawing’s lines. |
| [Tab] Text — Text | checkbox + textarea | on/off, with a multiline text box for the label content | off (on when the drawing already carries text) | Enables an attached text label on the drawing; typing in the box auto-enables it and updates the label live. |
| [Tab] Text — Text Color | color | any color | same as the drawing’s line color | Color of the attached text label. |
| [Tab] Text — Font Size | select | 8, 10, 11, 12, 14, 16, 18, 20, 24, 28, 32, 36, 48, 64, 72 | 14 | Point size of the attached label text. |
| [Tab] Text — Bold | checkbox | on/off (B toggle button) | off | Renders the label in bold. |
| [Tab] Text — Italic | checkbox | on/off (I toggle button) | off | Renders the label in italics. |
| [Tab] Text — Word Wrap | checkbox | on/off | off | Wraps long label text onto multiple lines instead of one long line. |
| [Tab] Text — Text alignment (vertical) | select | Top | Middle | Bottom | Top | Vertical placement of the label relative to the drawing. |
| [Tab] Text — Text alignment (horizontal) | select | Left | Center | Right | Center | Horizontal placement of the label relative to the drawing. |
| [Tab] Coordinates | number + datetime | one row per anchor point: price (number, step 0.05) and local date/time | the drawing’s current anchor values | Edits anchor geometry numerically — changing a point’s price or time moves the drawing live on the chart. |
| [Tab] Visibility | checkbox + number range | interval buckets: Ticks; Seconds 1–59; Minutes 1–59; Hours 1–24; Days 1–366; Weeks 1–52; Months 1–12; Ranges (each bucket has an on/off checkbox, most also a from–to range) | visible on all intervals | Per-timeframe visibility rules — untick a bucket to hide the drawing on those chart resolutions, or narrow the from–to range within a bucket. |
Editing & managing
- Move / adjust: drag the drawing or any anchor handle; magnet mode snaps points to OHLC values.
- Clone / lock / hide / delete from the floating toolbar or right-click menu.
- Templates: save the current style from the settings dialog and reapply it to new drawings.
- Every action is undoable (⌘Z / Ctrl+Z).
Watch out for
- The tool multiplies one subjective choice (the base channel) into many lines — if the base line is poorly anchored, every ratio line inherits the error.