Setting up Commodity Trading Fib Expansion in MT4 and Changing its Settings
The steps below explain how to draw these levels, how to use this tool and how to change its settings.
How to Add This Tool on MetaTrader 4
Steps: This tool is not shown by default in MT4 settings, if the button key does not appear on your MT4 software, (no need for you to download this indicator) then find the 'MetaTrader 4 Line Studies Tool bar' shown & displayed below & follow steps below:
1. MetaTrader 4 Line Studies ToolBar
2. Customize Line Studies Toolbar
Rightclick Customize button key (illustrated & shown below) >>> A drop-down menu pops up, Choose Customize >>>
3. Place This Tool on MT4
Select the expansion tool from the popup window panel which will then appear >>> Click Insert button key >>> Click Close. (Shown Below)
4. Commodity Trading Fibo Expansion Tool Added
Short Cut of How to Add
You can also use this short cut instead of the above method, do this:
- Click "Insert Menu"
- Click Fibo
- Click Expansion
Steps on How to Draw Expansion
Steps. Once you have added this button key, you can draw this tool by choosing it and drawing it on a commodities trading chart. 3 points will be marked 1, 2 & 3, choose the Fibonacci indicator, place the indicator on point 1 & while still holding down the mouse button key drag the mouse up to point marked 2.
How to Adjust This Tool on a Chart
Steps. Once you've drawn this indicator, you might need to move one point or another to the exact position where you precisely want. These 3 points are marked 1, 2 & 3 and these are used to change the settings after this indicator has been drawn on a Commodity Trading chart.
To change the settings: do this, doubleclick the indicator, it pops up as dotted lines (shown above), 3 cursor points appear which are marked 1 2 3, you can then use these Three points to adjust and fit the indicator accordingly to your chart (just click on the point you want & move it).
