How to Draw Gold Fibonacci Retracement Levels on MetaTrader 4
Gold Fibonacci Retracement Indicator
To calculate these gold price pullbacks on the gold chart for example the MetaTrader 4 we use Fibonacci retracement levels tool/indicator as shown on the image below.
If you want to analyze some xauusd charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 gold platform, the following procedure is used to add this Fibonacci retracement tool on the MetaTrader 4 XAUUSD Software. On The MT4 gold platform this fibonacci retracement tool will automatically draw the retracement levels on a xauusd chart once it is placed on the XAUUSD chart.
To add this fibonacci retracement indicator tool on the MetaTrader 4 gold platform, you can use the following shortcut method:
1. Click Insert
2. Click Fibonacci
3. Click Retracement
After adding this fibonacci retracement tool on the MT4 gold platform this fibonacci retracement xauusd indicator can then be accessed from "MetaTrader 4 Line Studies Tool Bar" as shown below.
This fibonacci retracement tool is located on MetaTrader 4 (Line Studies Toolbar), to go to this MetaTrader 4 Line Studies tool bar click "View" at the top left corner of MetaTrader 4 next to file, then click "Toolbars", Then Check "Line Studies". You can learn how to use MetaTrader 4 Line Studies Tool Bar on the MetaTrader 4 gold platform using a demo practice account.
Below is an example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in the direction of the xauusd trend as shown below.
How To Place Gold Fibonacci Retracement on a XAUUSD Chart
To Place this fibonacci retracement tool on a xauusd chart, click on the button shown above on the MetaTrader 4 xauusd software. Then select 2 chart points, the first point is where the xauusd trend starts and the second point is where the xauusd trend pull back is starting.