At TrendSpider we are always working on ways to innovate new features, as well as improve upon existing ones. For today’s software update, we are happy to release an update to our drawing tool suite adding a 3-Point Fibonacci Extension Drawing Tool.
New “3-Point Fibonacci” Tool
When drawing a traditional Fibonacci extension or retracement, you connect two points. In a 3-Point Fibonacci drawing, you connect 3 points. The Fibonacci measurement is based on the first two points, but it is positioned at the third point, allowing you more control over the placement of the drawing relative to price action. In this quick 10 second video, we show you how to position a 3-Point Fibonacci drawing in the TrendSpider platform.
Here’s how it works: