Hi Everyone,
My query is a simple one…Is there a difference between Fibonacci Extension and Fibonacci Expansion?? I noticed this when trying to plot the with the extension tool on MetaTrader4 on mobile but could only see a tool called Fibonacci Expansion.
On the MetaTrader4 platform I can find only the Fibonacci retracement level while on the MetaTrader5 platform there is also Fibonacci retracement as well as Fibonacci expansion levels. Fibonacci expansions levels are the significant resistance levels to watch to the upside (e.g. 61.8%, 161.8%) if the current trend is an uptrend. The Fibo retracement level are the levels that the price will probably meet if a correction will begin, on the other direction.
No, it is the same thing, different names.
Fibonacci Retracement uses the swing high and swing low to identify retracement levels.
Fibonacci Expansion uses the swing high, swing low, and recent high/low to idenify possible levels beyond the 100% fibo level.
They were confused about the interchangeable use of extension/expansion for the other side of the fibs, rather than what they are relative to retracements, I think.
I once wondered this also when changing from another platform calling them “expansions” to MT4, who refer to them as extensions.
Oh ok.
Yeah your right then, expansion and extension is the same.