Trade Forex Trading

Setting up Fib Expansion in MetaTrader 4 and Changing its Settings

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

How to Add This Tool on MT4

Steps: This tool isn't shown by default in MetaTrader 4 settings, if the button key is not shown on your MT4 software, (no need to download this tool) then locate "MT4 Line Studies Toolbar" shown & displayed below & follow the steps discussed below:

1. MetaTrader 4 Line Studies Tool-Bar

How Do I Analyze XAUUSD Fib Extension MetaTrader 4 Indicator?

2. Customize Line Studies Tool bar

Right Click Customize button (illustrated & shown below) >>> A drop-down menu appears, Select Customize >>>

How to Draw Fib Extension Indicator Tool in MT4 Charts

3. Place This Tool on MT4

Choose the extension tool from the pop-up window panel which will then appear >>> Click Insert button >>> Press Close. (Shown Below)

Setting up Fib Expansion Levels in MT4 - Drawing Fibonacci Expansion on XAUUSD MT4 Charts on MT4

4. Fibonacci Extension Tool Added

Setting up Fib Expansion in MT4 - Drawing Fib Expansion Levels on Gold MT4 Charts in MT4

Short-cut of How to Add

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

  1. Click "Insert Menu"

  2. Press Fibo
  3. Click Expansion

Drawing Fibonacci Expansion on XAUUSD MT4 Charts on MT4 - How to Read Fibo Expansion MetaTrader 4 Indicator

Steps on How to Draw Expansion

Steps. Once you have added this button, you can draw this tool by choosing it & drawing it on a xauusd chart. The 3 points will be marked 1, 2 & 3, select the Fib indicator, add the indicator tool on point 1 and while still holding down the mouse button drag the mouse upto point marked 2.

Setting up Fibo Expansion on MetaTrader 4 - Drawing Fibonacci Expansion on XAUUSD MT4 Charts on MT4

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 three 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 settings: 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 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).

Study More Topics & Lessons:

Forex Market Traders Seminar Gala

Forex Market Traders Seminar

XAUUSD Broker