How to Draw XAUUSD Fibonacci Extension Levels on MetaTrader 4 Platform
The steps below explain how to draw Fibonacci Expansion levels on MetaTrader 4 Platform Software and how to change its settings. This tutorial also explains how to trade Gold using this tool.
How to Add This Fibonacci Expansion Levels Tool on MetaTrader 4 Platform
Steps: This tool is not shown by default in MT4 default settings, if the button does not appear on your MetaTrader 4, (no need to download this technical indicator) then locate "MetaTrader 4 Line Studies Toolbar" shown below & follow the steps below:
MetaTrader 4 Line Studies ToolBar
Customize Line Studies ToolBar
RightClick the Customize button (illustrated below) >>> A drop-down menu appears, Select Customize >>>
Place This Tool on MetaTrader 4 Platform Software
Choose the extension tool from the pop-up window panel that will then appear >>> Click Insert button >>> Press Close. (Shown Below)
Fibonacci Expansion Tool Added
Fibonacci Expansion Levels Tool Added to MT4 Platform Software
Shortcut of How to Add 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 have added this Fib expansion button, you can draw this tool by selecting it & drawing it on a XAUUSD price chart. The three chart points will be marked 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 marked 2.
How To Draw Fibonacci Extension Levels on a Gold Price Chart
How to Adjust This Tool on a XAUUSD Chart
Steps: Once you have drawn this Fib extension trading indicator, you may need to move one point or another to the exact position where you precisely want. These three chart points are marked 1, 2 and 3 & these are used to change 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 marked 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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