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Fibonacci Studies
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Fibonacci Retracements are displayed by first drawing a trend line between two extreme points, for example, a trough and opposing peak. A series of six horizontal lines are drawn intersecting the trend line at the Fibonacci levels of 0.0%, 23.6%, 38.2%, 50%, 61.8%, 100%. (Some of the lines will probably not be visible because they will be off the scale.)
Fibonacci Fan Lines are displayed by drawing a trend line between two extreme points, for example, a trough and opposing peak. Then an "invisible" vertical line is drawn through the second extreme point. Three trend lines are then drawn from the first extreme point so they pass through the invisible vertical line at the Fibonacci levels of 38.2%, 50.0%, and 61.8%.
Fibonacci Time Zones are a series of vertical lines. They are spaced at the Fibonacci intervals of 1, 2, 3, 5, 8, 13, 21, 34, etc.

Why use the Fibonacci Studies
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Anticipate changes in trends as prices near the lines created by the Fibonacci Studies.

How to draw it
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To draw Fibonacci Retracements or Fibonacci Fans you have to click on the corresponding button (“Fib Retr” and “Fib Fans”) in “Draw” mode. Then you have to click on a segment previously drawn. The extreme points of this segment will be used to draw the lines.
To draw Fibonacci Time Zones you have to click on the “Fib T Zones” button in “Draw” mode. Then you have to click on a vertical line previously drawn. The Fibonacci Time Zones will be drawn starting with the position of the selected vertical.
You can only define one set of lines for each study.
To delete any of the sets, select the corresponding button and click anywhere on the chart area excepting a line.
The sets are linked to the lines that were used to define them. Thus, if you move the line, the linked set will be re-drawn using the new position. If the line is deleted, the set is also deleted.

Analysis methods for the Fibonacci Studies
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After a significant move, (either up or down), prices will often retrace a significant portion (if not all) of the original move. As prices retrace, support and resistance levels often occur at or near the Fibonacci Retracement levels
The price levels indicated by the retracements are levels where you will look for buying or selling opportunities.

Detailed analysis, interpretation
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In the Micronas following sample, considering top around May 2002 and bottom around October 2002 would have identified multiple local reversal points in the following months near the 50% line and the 61.8% line.

Tips & Tricks
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The longer the time frame the more important, as in historical versus daily charts.
Begin with monthlies and go down to dailies.

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