Fibonacci Numbers  A series of numbers first studied by an Italian mathematician, Leonardo Pisano, but nicknamed Fibonacci, around 1200.  They are determined by starting with zero and one, and then adding the preceding two numbers to determine the next number in the series.  So, 0+1=1 is the next number followed by 1+1=2, then 1+2=3, then 2+3=5, then 3+5=8, then 8+5=13, and so on, leading to the series 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc.

Fibonacci Ratios  An interesting feature of the Fibonacci numbers is that as the numbers in the series get larger, the ratio of one number divided by the previous number approaches a constant value of 1.618, and the ratio of one number divided by the next approaches a constant value of 0.618. (Actually theses numbers are never-ending, like Pi, but are shortened to 1.618 and 0.618 for simplicity)  These are the only numbers whose inverse is equal to itself plus or minus one (1/1.618=1.618-1=0.618 and 1/0.618=0.618+1=1.618)  Other ratios are also important in trading, for example 0.382 (1-0.618), 2.618 (1/0.382), and 4.236 (1 / 0.618×0.382)

Pivot Lines are lines drawn from a recent high to a recent low, or vice-versa.

Trend Change is used to determine the pivot lines for your items.  It specifies by what percentage an item must retrace before the previous turning point is considered a pivot.  The lower the percentage, the more numerous and shorter the pivot lines will be and vice-versa.  For example see the charts below with pivot lines based on 10% and 20% trend changes respectively.

Use Range Checking this box will cause TCScan+ to use the range (highest high minus the lowest low) of the data in the lookback period as the denominator for the percentage in Minimum % for Trend Change, instead of the absolute price.  This option tends to provide more uniform pivot lines - you should experiment with using or not using this option on a few items to see which you prefer.

UpTrend/Downtrend allows you to specify whether the price trend since the last pivot line should be up or down.

Price/Time Proximity % specifies how close the price must be to a Fibonacci level, in percent, for you to be alerted.  If you want to ignore these settings then leave the boxes empty - this would cause the results to show no matter how far the current price is from the level.

Levels  You can check some or all of the checkboxes in the list of levels to find touches to those Fibonacci levels.  An easy way to select is to move up and down the list with the arrow keys, then press the space bar to change the selection.  Note that the levels in the list can be changed, added to and deleted to by right-clicking any level within the list.

Log Scaling checking this box will cause TCScan+ to use Logarithmic Scaling (instead of the normal Arithmetic Scaling) for Fibonacci level construction and charts.  When using logarithmic scaling you will notice that the price axis numbers on the chart do not increase linearly, but rather proportionally.  Note that using logarithmic scaling for Fib level construction is not common, or necessarily correct, however, we have found it useful and valid when looking at longer time frames.

Advanced Options Clicking the Advanced Options button will bring up a form containing additional settings for the scan.  In particular you can specify whether any levels found must be intact or not, i.e., they must not have been crossed by price since the last pivot line.  A sensitivity parameter is included to help specify what would constitute a break.  A value of '0' would mean absolutely no break allowed, whereas a higher value would allow a small break to occur.