Placing Fibonacci Lines on MT4 Software Platform
The fifth option on the MetaTrader 4 software platform insert menu is Fibonacci Lines. Fibonacci Lines Button Key has the following submenu buttons shown below:
Fib on MT4 Platform
Fibonacci Lines
- BTCUSD Fibo Retracement
- BTCUSD Fib Time Zones
- BTCUSD Fibo Fan
- BTCUSD Fibo Arcs
- BTCUSD Fib Expansion
BTCUSD Fibo Retracement
The Fibo retracement can be placed on the a Bitcoin chart from the Fibonacci retracement button. Fib retracement is used to estimate where a bitcoin price retracement is likely to reach. The Fibonacci retracements are drawn such as shown and shown below. To know how to draw & use Fibo Retracement Levels study the article: How to draw Fib Retracement Levels:
Fibo Retracement Levels Drawn on a Bitcoin Chart on the MT4 Platform
BTCUSD Fibo Time Zones
The Fib time zones are Fibo lines which are drawn at different Fib timelines, these Fibonacci time areas are calculated using the Fibo points 1, 2, 3, 5, 8, 13, 21, 34. The Fibonacci levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, the next added to the second & so on.
The Fib time zones are pictured below, at these time lines bitcoin price changes are likely to occur based on trading analysis of Fibo time zones:
Fib Time Zones in MT4 Platform Software
BTCUSD Fib Fan
The Fib fan is drawn between 2 points and then three additional lines below the bitcoin trend are plotted as the fans, these are 38.2 %, 50.00% and 61.80% Fibo retracement levels. Bitcoin price is likely to bounce & continue in the original direction after bitcoin price retraces to any of these fan lines.
The Fibo Fan Lines are drawn just as is shown and portrayed below:
Fib Fans in the MT4
BTCUSD Fibo Arcs
Fib arcs are plotted using two points, the arcs are then drawn as illustrated & shown below & these arcs represent 38.2 %, 50.0% & 61.8% Fib retracement levels.
Fib Arcs Representing Fibo Retracement Zones on a Bitcoin Chart
BTCUSD Fibonacci Expansion
The Fibonacci expansion is used to figure out the most probable level at which traders should set their take-profit levels based in Fib expansion level 61.8% & 100.0% expansion levels. The Fibonacci extension levels are also referred to as Fibonacci Expansion Levels or Fib Projection Levels by some traders & these Fibonacci Extension areas are plotted like as shown below. Tutorial: How to Draw Fibo Expansion Levels:
How to draw Fib Lines and other Fib studies like Fib Expansion and Retracement on MT4 Platform Software
Study More Topics & Courses:
- BTC USD Stop Loss Order Setting: Points to Remember When Setting BTC/USD Stop Loss Orders
- BTC Pivot Points Trading Indicator
- How Do I Use MT4 Platform to Trade?
- BTC USD Trade Strategy for Beginner Traders
- How to Analyze and Analyze BTC USD Trade Strategies
- MT4 BTC USD Trend Indicator Free Download
- Learn How to Interpret and Analyze BTC USD Chart Trading Analysis
