Fibonacci extension, which version, how to do on metatrader

Beginner Questions
1

Hi
i’ve read a few posts b4, look at this and other sites , and i’m not sure if i’ve got a solution to which fibonacci extension levels to use. and how to do it on metatrader. i’ve been using the fibo expansion tool on metatrader, and i just drag the last of the 3 points to the end of the retraced price action . and that seems to yield the same results as on this site. but some forum posts here disagree (different views)? will this be okay? it seems to me that there are other extension levels used elsewhere that are based on the first leg of the move only (excluding the retraced price action ). i think i can use the fib expansion for that too if i make the final point ( it’s price level) the same as the first point, but i’ll probably just stick with the fibo extension levels as per this site. or maybe the other way is more universal and worth using?

thank you all
Harpoon
(had to configure the expansion tool to get all the levels)

2

I use the 4 point Fib Extension. I think if you check other sources or websites you will get answers to your questions. I will recommend this source: Extensions of Fibonacci

3

Thank you for the link. My question is, can the Fibonacci extension be used on a candlestick chart?

4

Yea. Fibonacci Extension can be used on candle stick chart. I suppose that is where most people use it-- including me

5

From what I can tell, “extension” is coined from “extended retracement” i.e retracement which goes beyond the most recent swing low (in the case of an uptrend ) or the most recent swing high (in the case of a downtrend) resulting to price trading below this level. The Fibonacci retracement tool comes with an extension (mine as a default does).and using it is same as one would use a Fibonacci retracement. The tool is used on one leg. As a convention, it is used when price has traded past the Fibonacci retracement levels.