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A Substitute for Fibonacci in Trading. Thinking Outside the Box.
Presenting the Lucas Series as a Complement to Trading.
The most famous sequence in Mathematics is without a doubt the Fibonacci sequence. It is used in Technical Analysis as a way to find support and resistance levels. It can have other uses as well such as pattern recognition and moving averages. In this article, we will discuss a similar sequence to Fibonacci and then use it in trading in order to find support and resistance levels.
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Named after mathematician François Lucas, the sequence or series follows the same path as the Fibonacci sequence but their starting point is different. Let us quickly refresh our memories as to what Fibonacci numbers are and then discuss the Lucas numbers.
The Fibonacci sequence is a set of integers that follow this distinct pattern:
The numbers are found by adding the previous two numbers behind them. In the case of 13, it is calculated as 8 + 5, hence the formula is:
The Lucas series have the same function as the Fibonacci series but the starting point is different. See the sequence below:
The other common part is that the Lucas series produces the golden ratio 1.618 when we divide the Lucas numbers by the ones preceding them.
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