Setting up Fibonacci Expansion in MetaTrader 4 and Changing its Settings
The steps explained below show how to draw these technical levels, how to use this tool and how to change its settings.
How to Place This Tool in MT4 Platform
Steps: This tool isn't displayed and shown by default in MetaTrader 4 settings, if the button key is not displayed & shown on your MT4 software, (no need for you to download this tool) then locate "MetaTrader 4 Line Studies Tool Bar" shown and displayed below & follow the steps explained below:
1. MT4 Line Studies Tool Bar
2. Customize Line Studies Tool bar
Right Click Customize button (illustrated & shown below) >>> A drop-down menu appears, Select/Choose Customize >>>
3. Add This Tool in MT4 Platform Software
Choose the extension tool from the pop up panel window which will then appear >>> Click Insert button >>> Press Close. (Shown Below)
4. Fibonacci Extension Tool Added
Shortcut of How to Add
You can also use this short-cut instead of the above technique, do this:
- Click "Insert Menu"
- Press Fibo
- Click Expansion
Steps on How to Draw Expansion
Steps. Once you have added this button, you as a trader can draw this tool by choosing it & drawing it on a gold chart. The 3 points will be marked 1, 2 & 3, select the Fib indicator, add the indicator on point 1 and while still holding down on the mouse button drag the mouse upto point tagged 2.
How to Shift This Indicator on a Chart
Steps. Once you have drawn this technical indicator, you might need to move one chart point or another to the precise position where you precisely want. These 3 chart points are marked 1, 2 and 3 and these are used to change the indicator settings after this Fib tool has been placed on a chart.
To change the technical indicator properties: do this, double-click the technical indicator, it appears as dotted lines (shown above), 3 cursor points appear which are marked 1 2 3, you as a trader can then use these 3 points to adjust & fit the indicator accordingly to your chart (just click on the point you want and move it).
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