How to Draw Fib Retracement Levels on MetaTrader 4 Platform Software
Gold Fibonacci Retracement Indicator
To calculate these trading price pull backs on the chart for example the MT4 we use Fibo retracement areas tool just as displayed on the shot below.
If you want to analyze some xauusd charts using this Fibonacci retracement line studies tool, it's already provided for in the MT4 software, the following procedure is used to add this Fib retracement tool indicator on the MetaTrader 4 Platform Software. On the MetaTrader 4 software this Fibonacci retracement tool will automatically draw the retracement levels on a xauusd/gold chart once it's placed on the chart.
To add this Fibonacci retracement indicator in MetaTrader 4 software, you as a gold trader can use the following shortcut method:
1. Click Insert 2. Click Fibo 3. Press Retracement
After adding this Fibonacci retracement tool indicator on the MetaTrader 4 software this Fibonacci retracement indicator can then be accessed from 'MetaTrader 4 Line Studies Tool-bar' like as shown below.
This Fib retracement tool indicator is located on MetaTrader 4 (Line Studies Tool-bar), to go to this MT4 Line Studies toolbar click 'View' button at the top left corner of MT4 next to file, then click 'Tool Bars', Then Check/Tick 'Line Studies'. You can learn how to use MT4 Line Studies Tool-bar on the MetaTrader 4 software using a practice account.
Below is an example illustration of the Fibonacci retracement technical indicator, we always draw and plot the Fib retracement indicator between 2 points, point 1 & point 2, in the direction of the market trend just as shown below.
How to Place Fib Retracement on a Trading Chart
To Place this Fibonacci retracement tool indicator on a xauusd chart, press the button illustrated above in MetaTrader 4 software. Then select 2 chart points, the first point is where the xauusd trend starts and begins and the second point is where the xauusd trend pull back is beginning.
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