Placing Fibonacci Lines on MetaTrader 5
The fifth option on the MT5 platform insert menu is Fib Lines. Fibonacci Lines Button has the following sub-menu MetaTrader 5 button keys shown below:
Fibonacci Gold on MetaTrader 5
Fib Lines
- XAUUSD Trading Fib Retracement
- Gold Trading Fibonacci Time Zones
- Gold Trading Fibonacci Fan
- Gold Trading Fibonacci Arcs
- Gold Trading Fibonacci Expansion
Gold Trading Fibo Retracement
The Fibo retracement can be placed on the a XAUUSD chart from the Fibonacci retracement button. Fibo retracement is used to estimate where a gold price retracement is likely to reach. The Fibo retracement levels are drawn as illustrated & shown below. To learn how to draw and use Fibonacci Retracement Levels read the tutorial: How to draw Fibonacci Retracement Levels:
Fib Retracement Levels Drawn on a Gold Chart on the MetaTrader 5 Platform
Gold Trading Fibonacci Time Zones
The Fibonacci time zones are Fibonacci lines drawn at different Fibonacci timelines, these Fibonacci time zones are calculated using the Fibonacci points 1, 2, 3, 5, 8, 13, 21, 34. The Fibonacci levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, the next added to the second & so on.
The Fibonacci time zones are shown below, at these time lines gold price changes are likely to occur based on xauusd technical analysis of Fibonacci time zones:
Fibonacci Time Zones on MetaTrader 5
Gold Trading Fibonacci Fan
The Fibonacci fan is drawn between 2 chart points and then 3 additional lines below the xauusd trend are drawn as the fans, these are 38.20%, 50.00% and 61.80% Fibonacci retracement levels. Gold price is likely to bounce & continue in the original direction after gold price retraces to any of these fan lines.
The Fibo Fan Lines are drawn as illustrated & shown below:
Fibonacci Fans on MetaTrader 5
Gold Trading Fibonacci Arcs
Fibonacci arcs are drawn using two chart points, the arcs are then drawn as illustrated and shown below and these arcs represent 38.2%, 50.0% & 61.8% Fibonacci retracement levels.
Fibo Arcs Representing Fibonacci Retracement Zones on a XAUUSD Chart
Gold Trading Fibonacci Expansion
The Fibonacci expansion is used to determine most probable level at which traders should set their take profit levels based on Fibonacci expansion level 61.8% and 100.0% expansion levels. The Fibo expansion levels are also referred to as Fibonacci Extension Levels or Fibonacci Projection Levels by some traders & these Fibonacci Extension levels are plotted as shown below. Tutorial: How to Draw Fibonacci Expansion Levels:
How to draw Fibo Lines & other Fibo studies like Fibonacci Expansion and Retracement on MetaTrader 5
