How to Draw XAU/USD Fibonacci Extension Levels on MT4 Platform Software
The steps below explain how to draw Fibonacci Expansion levels on MT4 Software Platform and how to change its settings. This tutorial also explains and describes how to trade Gold using this tool.
How to Set This Fib Expansion Levels Tool on MT4 Platform Software
Steps: This tool is not displayed and shown by default in MT4 default settings, if the button does not appear on your MetaTrader 4, (no need for you to download this technical indicator) then locate "MT4 Line Studies Toolbar" shown below and follow the steps below:
MT4 Line Studies Toolbar
Customize Line Studies Toolbar
RightClick the Customize button (illustrated below) >>> A drop-down menu appears, Select & Choose Customize >>>
Place and Add This Tool on MetaTrader 4 Software Platform
Choose the extension tool from the pop-up window that then will appear >>> Click Insert button >>> Press Close. (Shown Below)
Fib Expansion Tool Added
Fib Expansion Levels Tool Added to MT4 Software Platform
Shortcut of How to Set Fibonacci Expansion Tool
You also can use this short cut instead of the above method, do this:Click "Insert Menu"Click FibonacciClick Expansion
Steps on How To Draw Fibonacci Extension Levels
Steps: Once you as a trader have added this Fib expansion button, you can draw this tool by selecting it & drawing it on a Gold price chart. The three chart points will be tagged 1, 2 & 3, select the Fibonacci indicator, place the indicator on point 1 and while still holding down the mouse button drag the mouse up to point tagged 2.
How To Draw Fibonacci Extension Levels on a Gold Price Chart
How to Adjust This Tool on a XAU/USD Chart
Steps: Once you as a trader have drawn this Fib extension trading indicator, you may need to move one point or another to the specific position where you strictly want. These three chart points are tagged 1, 2 and 3 & these are used to make change to the settings after this Fib extension indicator has been drawn on a Gold price chart.
To change the settings: do this, doubleclick the technical indicator, it appears as dotted lines (shown above), three cursor points appear which are tagged 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your price chart (just click +oon the point you want and move it).
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