Setting up Fib Expansion in MetaTrader 4 and Changing its Settings
The steps explained below show how to draw these technical levels, how to use this tool & how to change its settings.
How to Add 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 MetaTrader 4 software, (no need for you to download this tool) then locate "MT4 Line Studies Toolbar" shown and displayed below & follow the steps discussed below:
1. MetaTrader 4 Line Studies Tool-Bar
2. Customize Line Studies Tool bar
Right Click Customize button (illustrated & shown below) >>> A drop-down menu appears, Select Customize >>>
3. Place This Tool on 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. Fib Extension Tool Added
Short-cut 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 may 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 & 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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