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How to Draw Fibonacci Retracement Areas in MT5 Platform Software

To calculate these price pull-backs on the Bitcoin price chart for example on the MetaTrader 5 platform we use Fibo retracement areas indicator as shown on the shot below.

If you want to examine some Bitcoin price charts using this Fibonacci retracement tool, it is already provided for in the MetaTrader 5 platform, the following process is used to find this trading indicator on the MetaTrader 5 Platform. On the MT5 this Fibonacci retracement indicator then will automatically draw the Fibo retracement areas on a Bitcoin price chart - once this technical indicator is placed on the Bitcoin BTCUSD chart.

To add this tool on the MetaTrader 5 software, you can use the following short-cut method:

  • Click Insert
  • Click Objects
  • Click Fibonacci
  • Click Fibo Retracement

How Do I Draw Fibonacci Retracement on Bitcoin Charts MT5 Bitcoin Platform?

Place Fibo Retracement on the MT5

After adding this Fibonacci retracement areas tool on the MetaTrader 5 platform - this trading indicator tool then can be accessed from "MT5 Line Studies Tool-bar" as shown below.

How Do I Draw Fibonacci Retracement on MT5 Bitcoin Chart on MetaTrader 5 Software Platform?

Fib Retracement Tool - MT5 Bitcoin Software

This Fibonacci retracement tool sits in the Line Studies Toolbar on MT5. To open it, click the View button in the top left next to File. Then select Toolbars and check Line Studies. Practice using the Fibonacci retracement on MetaTrader 5 with a demo account.

Shown Below is an illustration of the Fibonacci retracement technical indicator, we always plot this trading indicator between two points, point 1 and point 2, in direction of the Bitcoin price trend as shown below.

How Do I Draw Fibonacci Retracement on a MT5 Bitcoin Chart? - How to Draw Fib Retracement Areas in BTCUSD Charts MT5 BTCUSD Software

Bitcoin Fibonacci Retracement Zones

How to Draw Fibo Retracement on MT5 Bitcoin Charts

How Do I Draw Fibonacci Retracement Levels between Two Points

How to Add Fibo Retracement on a BTC USD Price Chart

To Place this BTCUSD Fibonacci Retracement Levels tool on a Bitcoin price chart, click on the button displayed above on the MetaTrader 5 platform. Then select two chart points, the first chart point is where the trend starts and the second chart point is where the trend pull-back starts.

To adjust this indicator just double-click on it and "adjust points" will appear on the point 1 and 2 - shown as small squares, click & hold your mouse button to move the points to where you as the trader want them to be placed exactly. You can practice using this BTCUSD Crypto Currency Fibonacci Retracement Levels tool by using a practice Crypto Currency account.

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