How to Draw Fibo Retracement Levels in MetaTrader 4 Platform Software
Gold Fib 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 is already provided for in the MetaTrader 4 software, the following procedure is used to add this Fibonacci retracement tool indicator on the MetaTrader 4 Platform Software. On the MetaTrader 4 software this Fib retracement tool will automatically draw the retracement levels on a xauusd chart once it's placed on the chart.
To add this Fib retracement indicator in MetaTrader 4 software, you as a gold trader can use the following short cut method:
1. Click Insert 2. Click Fib 3. Press Retracement
After adding this Fib retracement tool indicator on the MetaTrader 4 software this Fib 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 MetaTrader 4 Line Studies toolbar click 'View' button at the top left corner of MT4 next to file, then click 'Tool Bars', Then Check 'Line Studies'. You can learn how to use MetaTrader 4 Line Studies Tool-Bar on the MetaTrader 4 software using a practice trade 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 trend just as shown below.
How to Place Fibo Retracement on a Trading Chart
To Place this Fib retracement tool indicator on a xauusd chart, press the button shown 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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