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Setting up Fibonacci Expansion in MetaTrader 4 and Changing its Settings

The following steps outline how to draw these technical levels, utilize this tool, and modify its settings.

How to Place This Tool in MT4 Platform

Steps: The tool you're looking for isn't displayed by default in the MetaTrader 4 settings. If this button is missing in your MT4 software, don't worry. Refer to the "MetaTrader 4 Line Studies Tool Bar" displayed below and carefully follow the instructions provided.

1. MT4 Line Studies Tool Bar

How Do I Interpret 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/Choose Customize >>>

How to Draw Fibonacci Extension Indicator Tool in MetaTrader 4 Charts

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)

Setting up Fibonacci Expansion Levels on the MT4 Software - Drawing Fibonacci Expansion on XAU/USD MT4 Charts on MT4

4. Fibonacci Extension Tool Added

Setting up Fibonacci Expansion in MT4 Platform - Drawing Fibonacci Expansion Levels on MT4 Charts in MetaTrader 4

Shortcut 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 XAU/USD MT4 Charts on the MetaTrader 4 - How to Analyze Fib Expansion MT4 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 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.

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

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 modify technical indicator properties on a chart, double-click on the indicator, which appears as dotted lines. Three cursor points will emerge, labeled as 1, 2, and 3. You can adjust and position the indicator by clicking a desired point and dragging it as needed.

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