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Learn Gold Trading for Beginners Tutorials

Setting up XAUUSD Fibonacci Expansion on MT4 and Changing its Settings

The steps below explain how to draw these levels, how to use this tool and how to change its settings.


How to Add This Tool on MT4 XAUUSD Trading Platform

Steps: This tool is not displayed by default in MetaTrader 4 settings, if the button does not appear on your MetaTrader 4, (no need to download this indicator) then locate the "MetaTrader 4 Line Studies Toolbar" shown below and follow the steps below:



1. MetaTrader 4 Line Studies ToolBar


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2. Customize Line Studies Toolbar



Right click the Customize button (shown below) >> A drop down menu appears, Select Customize >>

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3. Place This Tool on MT4 XAUUSD Trading Platform


Select the expansion tool from the popup window that will then appear >> Click Insert button >> Click Close. (Shown Below)

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4. XAUUSD Fibonacci Expansion Tool Added

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Short Cut of How to Add

You can also use this short cut instead of the above method, do this:



  1. Click "Insert Menu"

  2. Click Fibonacci
  3. Click Expansion


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Steps on How to Draw Expansion

Steps. Once you have added this button, you can draw this tool by selecting it and drawing it on a xauusd chart. The 3 points will be marked 1, 2 and 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.

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How to Adjust This Tool on a Chart

Steps. Once you have drawn this indicator, you may need to move one point or another to the exact position where you precisely want. These 3 points are marked 1, 2 and 3 and these are used to change the settings after this indicator has been drawn on a XAUUSD chart.


To change the settings; do this, double click the 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 chart (just click on the point you want and move it).


 

Metals Trading Symbols

Precious Metal Symbols:
Gold - XAU USD and XAU EUR, Silver - XAG USD and XAG EUR, Platinum - XPT USD, Palladium - XPD USD

Metal Symbols:
Copper - XCU USD, Zinc - XZN USD, Lead - XPB USD, Nickel - XNI USD, Aluminium - XAL USD