The cTrader trading platform has some very useful tools to help the trader identify profit targets, these tools use the popular Fibonacci sequence for pullbacks and impulse waves.
Fibonacci Numbers & Lines Explained
How Fibonacci numbers are used in the Financial Markets to create technical indicators using a mathematical sequence developed by the Italian mathematician, commonly referred to as "Fibonacci," in the 13th century, these numbers are used today by traders and forms the backbone of the Harmonic patterns.
Fibonacci Retracement Tool
This tool is available with the cTrader platform as a standard tool, it is very useful when used together with Harmonic Patterns, this charting tool uses technical analysis to identify support or resistance levels with the use of percentage values.
Fibonacci Expansion Tool
The Fibonacci extension tool or expansion tool as it is known with cTrader is used by traders that are drawn on the chart so they can establish profit targets or determine how far a price may travel after a price retracement or pullback has finished and the extension levels are possible areas where the price may reverse.