How to get fibonacci levels based on daily range indicator?

<p>It takes skill to set Fibonacci grids correctly, and picking the wrong levels as starting and ending points undermines profitability by encouraging buying or selling at prices that make no sense. The process also requires multi-trend grid placement, with successive levels placed at longer and shorter time frames until they capture price ranges that might come into play during the life of the open position.</p><p id="isPasted">Start grid placement by zooming out to the weekly pattern and finding the longest continuous uptrend or downtrend. Place a Fibonacci grid from low to high in an uptrend and high to low in a downtrend. Set the grid to display the 0.382, 0.50, 0.618, and 0.786 retracement levels.</p><p>The first three ratios act as compression zones, where the price can bounce around like a pinball, while 0.786 marks a line in the sand, with violations signaling a change in trend.</p><p>Now move to shorter-term trends, adding new grids for those time frames. Once completed, your chart will show a series of grids, with lines that are tightly aligned or not aligned at all.</p><p>Tight alignment identifies harmonic support and resistance levels that can end corrections and signal trend advances, higher or lower, especially when supported by moving averages, trendlines, and gaps. Loose alignment points to disorganization, with conflicting forces generating whipsaws that lower predictive power and profit potential.</p><p id="isPasted"><strong>Delta Air Lines 60-Minute Retracement Grids</strong></p><div style="box-sizing: border-box; position: relative;"><div style="box-sizing: border-box; height: 438.65px; overflow: hidden; background: 0px 0px; position: relative; width: 596px; padding-bottom: 0px;" class="forexqa-img-container"><img width="5334" height="3923" data-sizes="750px" alt="Image" data-hi-res-src="https://www.investopedia.com/thmb/bU-QiMLMByLCHAsd2Vm5X6jfse4=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/dotdash_Final_How_to_Draw_Fibonacci_Levels_Nov_2020-01-721becdc34264cceb240c7f755939d50.jpg" data-img-lightbox="true" sizes="750px" srcset="https://www.investopedia.com/thmb/aD4-r82eCv6IUjg4V5TVIQyiTKg=/750x0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/dotdash_Final_How_to_Draw_Fibonacci_Levels_Nov_2020-01-721becdc34264cceb240c7f755939d50.jpg 750w" src="https://prod-forexqna.s3.amazonaws.com/uploads/froala_editor/images/1742360466707.png" style="box-sizing: border-box; height: auto; max-width: 100%; background-color: rgb(212, 212, 212); width: 730px; cursor: zoom-in;" class="fr-fic fr-dii fr-draggable forexqa-img"></div></div><p>Image by Sabrina Jiang © Investopedia&nbsp;2020</p><p>Fibonacci grids work equally well in uptrends and downtrends and in all time frames. In the chart above, Delta Air Lines Inc. (DAL) sells off between $48 and $39 in two distinct waves. Placing a grid over the longer-term decline highlights key harmonic resistance levels while stretching a second grid over the last sell wave uncovers hidden alignments between time frames.</p><p>The 0.382 retracement of the longer wave (1) narrowly aligns with the 0.618 retracement of the shorter wave (2) at (A), while the longer 0.500 retracement aligns perfectly with the shorter 0.786 retracement at (B). The bounce off the June low rallies into the lower alignment (A) and stalls for seven hours, yielding a final burst into the upper alignment (B), where the bounce comes to an end.</p>