How to Draw Commodity Fib Retracement Areas on MT4

Commodity Fibo Retracement Indicator

To calculate these commodity price pullbacks on the commodity chart for example the MT4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

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

To add this fibonacci retracement technical indicator tool on the MetaTrader 4 software, you can use the following shortcut method:

1. Click Insert 2. Click Fibonacci 3. Click Retracement

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

This fibonacci retracement tool is located on MT4 (Line Studies Toolbar), to go to this MT4 Line Studies tool bar click the "View" button at top left corner of MT4 next to file, then click "Toolbars", Then Check "Line Studies". You can learn how to use MT4 Line Studies Tool Bar on the MT4 platform using a demo practice account.

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

How to Place Commodity Trading Fibonacci Retracement on a Commodity Trading Chart

To Place this fibonacci retracement tool on a commodities trading chart, click on the button shown above on the MT4 software. Then select 2 chart points, the first point is where the commodity trend starts and the second point is where the commodity trend pull back is starting.