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 put this Fibonacci retracement tool in MetaTrader 4 software, you as a gold trader can do this easy thing:

1. Click Insert 2. Click Fibo 3. Press Retracement

Add the Fibonacci retracement tool to MetaTrader 4. Access it from the Line Studies toolbar, as pictured 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.

Here's a sample chart of the Fibonacci retracement tool. We plot it between two points, point 1 and point 2. We match the market trend's direction, as shown below.

How to Place Fib Retracement on a Trading Chart

To add the Fibonacci retracement tool to an XAUUSD chart in MetaTrader 4, click the button shown above. Pick two points: the trend start and the pullback spot.

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