Correct! However not a problem as this is based on Duration or Targets that you have set. This is not a charting problem but a trading strategy issue. My style uses 3 different charts and depends on if I am scalping or Position trades or Hedged Trade with correlated markets and/or setting of targets and stops. The Trader must know only how long he/she will be in the trade and number of contracts traded. Most newbies to this style use wrong targets and stops. Note: Of course not every trade is a winner but no need for that as settings based on 70% historically winning trades will produce profits. I have a scateboard teenager who is using this system with a $3000 account and he is averaging a $100 net per day.
Much easier if one has larger account but suggest anyone start with Small account even trading the Micro ES and NQ.. With the Larger account one can take partials and have what some call "A Guaranteed Trade", As the teenage trader referred to above: "Don't Ride The Board without A helmet"
I like that this baby draws the fibs for ya as demonstrated on the right edge of your chart, bringing them into the "draw themselves" club, same as moving averages and piv lines.
The attached chart doesn't have fibs drawn for ya as demonstrated on the right edge of your chart above, nor does it have that thick black tool line from high to low. On the chart above there is a thick black tool line associated with the horizontal fib lines but it doesn't reach down to the actual prior low and leaves that gap below the red horizontal line. Does this baby automatically draw the fibs for ya like those horizontal lines inside of the black box on the right or does the user need to click the anchor points, prior low to high in this case?
Yes it does Automatically draw fibs as you have shown with your "Box" -- This is just a matter of the Settings that you as a user of the charting software selects. Understand also that the chart updates the Fibs and even sends you alerts when a Fib line (support or resistance) has been crossed or hit.
Yes automatically draws -- Of course, it is a matter of what you have told it to draw with the Application Settings -- once set it will do as you have instructed, including how you told it to display (Line weights, colors, and alert settings)
The chart settings include many other studies if you want them -- such as the Bollinger Bands and the volume for each bar as well as I have chosen to display the OBV in the bottom separate panel. Please note that these are only my preferences and there is Reason for each in conjunction with the Fibs. Unnecessary perhaps but adds to the visual value of how the fibs support the Market Structure and Market Dynamics.
In my opinion -- the Most Important beginning consideration to determining how the charts are setup is: "Duration Trumps Direction". So Key to any trading plan is to first decide how Long one is expecting to be in the trade and WHY. Here it is premarket and the open -- so how can I be typing this now? Because I have preset the criteria before I begin trading on the charts and execution platform. Fibs are the Predictive Tool -- to accomplish that. If any Indicator or tool is NOT Predictive then it is worthless. Must Predict and not just be a illustration of the bar history computed on the past.