How to Draw Fib Retracement Areas in the MT4 Platform
MT4 Line Studies Tool Bar
To calculate these bitcoin trading price pullbacks on the chart for example the MT4 we use Fibo retracement areas tool as depicted on the shot below.
If you want to examine some charts using this Fib retracement line studies tool, it's already provided for in the MetaTrader 4 software, the following procedure is used to add this Fib retracement tool indicator on the MetaTrader 4 Software Platform. On the MT4 platform software this Fibonacci retracement tool will automatically draw the retracement levels on a chart once it's placed on the Bitcoin chart.
To add this Fibonacci retracement technical indicator tool in the MT4 platform software, you as a bitcoin trader can use the following short-cut technique:
1. Press Insert 2. Click Fibonacci 3. Click Retracement
After adding this Fib retracement tool indicator on the MT4 software this Fibonacci retracement technical tool can then be accessed from 'MetaTrader 4 Line Studies Tool-bar' such as shown below.
This Fib retracement tool indicator is located on MT4 (Line Studies Toolbar), to go to this MetaTrader 4 Line Studies tool-bar click 'View' button at top left corner of MT4 next to file, then click 'Tool Bars', Then Tick 'Line Studies'. You can learn how to use MetaTrader 4 Line Studies Toolbar on the MT4 software using a demo practice demo trade account.
Shown Below is an example of the Fibonacci retracement indicator, we always plot the Fibonacci retracement indicator between two chart points, point 1 and point 2, in direction of the bitcoin trend like as shown below.
How to Place Fibonacci Retracement on a Bitcoin Chart
To Place and Add this Fibonacci retracement indicator on a trading chart, press on the button displayed above on the MetaTrader 4 platform software. Then choose 2 chart points, the first point is where the bitcoin trend starts and begins and the second point is where the bitcoin trend retracement is starting.
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