How to Draw Fibonacci Retracement Levels on MetaTrader 4

CFDs Fibonacci Retracement Indicator

To calculate these cfd price pullbacks on the cfds chart for example the MetaTrader 4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

If you want to analyze some cfd charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 platform, the following procedure is used to add this Fibonacci retracement tool on the MetaTrader 4 Software. On The MT4 cfds platform this fibonacci retracement tool will automatically draw the retracement levels on a cfd chart once it is placed on the CFD chart.

To add this fibonacci retracement indicator on MT4 platform, you can use the following shortcut technique:

1. Click Insert 2. Click Fib 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement technical indicator can then be accessed from 'MetaTrader 4 Line Studies Tool Bar' as displayed below.

This fibonacci retracement tool is located on MetaTrader 4 (Line Studies Toolbar), to go to this MetaTrader 4 Line Studies tool bar click 'View' button at the tops left corner of MetaTrader 4 next to file, then click 'Toolbars', Then Check 'Line Studies'. You can learn how to use MetaTrader 4 Line Studies Tool Bar on the MetaTrader 4 platform using a practice account.

Below is an example of the Fibo retracement tool, we always draw the fibonacci retracement indicator between 2 chart points, point 1 and point 2, in the direction of the trend as displayed below.

How to Place Fibonacci Retracement on a CFD Chart

To Place this fibonacci retracement tool on a cfd chart, click on the button shown above on the MetaTrader 4 software. Then select 2 chart points, the first point is where the cfd trend starts and the second point is where the cfd trend pull back is starting.