How to Draw Fibonacci Extension Levels in the MetaTrader 5

The steps below show how to place Fib Expansion areas on MT5 & how to change its settings. This tutorial also describes how to trade Bitcoin using this Fibonacci Expansion tool.

How to Set This Fibonacci Expansion Levels Tool in MT5 Platform Software

Steps: This Fibonacci Expansion tool is not displayed by default in MT5 default settings, if the button doesn't appear in your MetaTrader 5, (no need for you to download this tool) then locate the "MT5 Line Studies Tool-bar" shown below and follow the steps discussed below:

MetaTrader 5 Line Studies ToolBar

MetaTrader 5 Line Studies ToolBar - Bitcoin Software

Customize Line Studies Tool-bar

Right Click the Customize button (illustrated below) >>> A drop-down menu appears, Select and Choose Customize >>>

Customize Line Studies Tool-bar MetaTrader 5 Software

Place This Tool ==22==in MT5 Platform Software

Select the extension tool from the pop up window that will then appear >>> Press Insert button >>> Click Close. (Shown Below)

Place Fib Expansion Tool on MT5 Software Platform

Fibo Expansion Indicator Tool Added

Fibo Expansion Levels Tool Added to MT5

Shortcut of How to Set Fib Expansion Tool

You can also use this short-cut instead of the above method, do this:Click "Insert Menu"Click ObjectsClick FibonacciClick Bitcoin Fibo Expansion

Steps on How to Draw Fib Expansion Levels in the MT5 Platform

Steps: Once you as a trader have added this Fibonacci expansion button, you can draw this Fibonacci Expansion tool by selecting it and drawing it on a Bitcoin price chart. The three chart points will be tagged 1, 2 and 3, select the Fib Expansion indicator, place the technical indicator on chart point 1 & while still holding down on the mouse button drag the mouse upward to chart point marked 2.

How to Draw ==22==FibFibonacciFibo Expansion Areas on a Bitcoin Price Chart

How to Adjust Fibonacci Expansion Tool on a Bitcoin Chart

Steps: Once you as a trader have drawn this Fibonacci extension technical indicator, you might need to move one chart point or another to the precise point where you strictly want. These three chart points are tagged 1, 2 and 3 and these are used to make change to the settings after this Fibonacci extension technical indicator has been drawn on a Bitcoin price chart.

To change the Fib Expansion settings: do this, double click the trading indicator, it appears as dotted lines (shown and illustrated above), 3 cursor points will show which are tagged 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your BTCUSD price chart (just click the point you want to move each Fibonacci Expansion point to).

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