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.
You can use the Fibonacci Expansion tool in all markets and on all time frames, it is a trend-following tool and helps separate potential profit targets for potential trades. It is also used to spot areas where the price may reverse, but this is not advised. You may find that the price may not stop exactly at a Fibonacci level and that the Fibonacci levels are just a guide. 
Paul Hayes
Sales & Marketing
Email: [email protected]
Phone: (44) 203 289 6573
Website: https://clickalgo.com
You can use the Fibonacci Expansion tool in all markets and on all time frames, it is a trend-following tool and helps separate potential profit targets for potential trades. It is also used to spot areas where the price may reverse, but this is not advised. You may find that the price may not stop exactly at a Fibonacci level and that the Fibonacci levels are just a guide.
Paul Hayes
Sales & Marketing
Email: [email protected]
Phone: (44) 203 289 6573
Website: https://clickalgo.com