Placing Fibonacci Lines on MT5
The fifth option on the MT5 commodities trading platform insert menu is Fibonacci Lines. The Fibonacci Lines Button has the following sub menu MT5 buttons shown below:
Fibonacci Commodity Trading on MT5
Fib Lines
- Commodity Trading Fibonacci Retracement
- Commodity Trading Fibonacci Time Zones
- Commodity Trading Fibonacci Fan
- Commodity Trading Fibonacci Arcs
- Commodity Trading Fibonacci Expansion
Commodity Trading Fib Retracement
The Fibo retracement can be placed on the a Commodity Trading chart from Fibo retracement button key. Fib retracement is used to estimate where a commodity price retracement is likely to reach. The Fibo retracement levels are drawn as illustrated and shown below. To learn how to draw & use Commodity Fibonacci Retracement Levels read the course: How to draw Commodity Trading Fib Retracement Levels:
Commodity Trading Fib Retracement Levels Drawn on a Commodity Trading Chart on The MT5 Commodity Software
Commodities Trading Fib Time Zones
The Fib time zones are Fibo lines drawn at different Fib timelines, these Fib time zones are calculated using Fib points 1, 2, 3, 5, 8, 13, 21, 34. The Fibo levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, the next added to the second and so on.
The Fibonacci time zones are shown below, at these time lines commodity trading price changes are likely to occur based on commodity technical analysis of Fibonacci time zones:
Fibo Time Zones on MetaTrader 5
Commodities Trading Fibonacci Fan
The Fib fan is drawn between two chart points & then three additional lines below the commodity trend are drawn as the fans, these are 38.2%, 50.00% & 61.8% Fibo retracement levels. The commodity trading price is likely to bounce and continue in the original direction after commodity price retraces to any of these fan lines.
The Fibo Fan Lines are drawn as illustrated & shown below:
Fibonacci Fans in MT5
Commodities Trading Fib Arcs
Fibonacci arcs are drawn using two chart points, arcs are then drawn as illustrated and shown below & these arcs represent 38.2%, 50.0% & 61.8% Fib retracement levels.
Fibo Arcs Representing Commodity Trading Fib Retracement Zones on a Commodity Trading Chart
Commodities Trading Fibonacci Expansion
The Fibo expansion is used to determine the most probable level at which traders should set their take profit levels based on Fib expansion level 61.8% & 100.0% expansion levels. The Fibo expansion levels are also referred to as Commodity Trading Fib Extension Levels or Fibo Projection Levels by some traders & these Commodity Trading Fib Extension levels are plotted as illustrated and shown below. Tutorial: How to Draw Commodity Fib Expansion Levels:
How to draw Fib Lines and other Fibo studies like Commodity Trading Fibonacci Expansion and Retracement in MetaTrader 5
