Placing Fib Lines in MetaTrader 4 Platform Software
The 5th option on the MetaTrader 4 platform insert menu is Fibonacci Lines. The Fib Lines Button has the following sub menu buttons shown below:
Fib in the MT4 Platform
Fib Lines
- XAUUSD Fibonacci Retracement
- XAUUSD Fibonacci Time Zones
- Gold Fibo Fan
- XAUUSD Fibonacci Arcs
- Gold Fibo Expansion
Gold Fibo Retracement
The Fibo retracement can be placed on the a chart from the Fibo retracement button key. Fibonacci retracement is used to project where a price pull back is likely to reach. The Fibo retracement levels are drawn such as illustrated and shown below. To learn how to draw & use Fibonacci Retracement Levels read the tutorial: How to draw Fibonacci Retracement Levels:
Fibonacci Retracement Levels Drawn on a Chart on the MetaTrader 4 Platform Software
Gold Fib Time Areas
The Fib time zones are Fibonacci lines drawn at different Fibonacci timelines, these Fib time levels are calculated using Fibo points 1, 2, 3, 5, 8, 13, 21, 34. The Fib areas are 1+2=3, 2+3=5, 3+5=8, first number add to next, next added to the second & so on.
The Fib time zones are displayed below, at these time lines price changes are likely to occur based on analysis of Fib time zones:
Fib Time Zones in MT4 Platform
Gold Fib Fan
The Fib fan is drawn between 2 points & then 3 additional lines below the market trend are drawn as the fans, these are 38.20%, 50.00% and 61.8% Fib retracements. The price is likely to bounce and continue in the original direction after price retraces to any of these fan lines.
The Fibo Fan Lines are drawn like as illustrated & displayed below:
Fib Fans in the MT4 Platform
Gold Fib Arcs
Fibonacci arcs are drawn using 2 chart points, the arcs are then drawn as is illustrated & displayed below and these arcs represent 38.2 %, 50.0% and 61.8% Fibo retracement levels.
Fibo Arcs Representing Fibonacci Retracement Areas in a Chart
Gold Fibo Expansion
The Fibo expansion is used to figure out most probable level at which traders should set their take-profit levels based in Fib expansion level 61.8% and 100.0 % expansion levels. The Fibo expansion levels are also referred to as Fibonacci Extensions or Fibonacci Projection Levels by some traders & these Fibonacci Extension levels are plotted like as shown below. Tutorial: How to Draw Fibo Expansions:
How to draw Fibo Lines & other Fibo studies like Fib Expansion and Retracement on MT4 Platform
More Topics and Tutorials:
- McClellan Oscillator Technical Analysis in FX
- What are Choppiness Index Buy & Sell Forex Signals?
- How Do You Analyze/Interpret MetaTrader 4 Downward XAU/USD Trendline on the MetaTrader 4 Platform?
- How to Create a USD HKD System
- How to Register with MT4 Broker
- Fib Expansion Levels & Fibonacci Retracement Levels Courses
- Trailing Stop Loss Levels MT4 Indicator
- How to Trade Fib Retracement Technical Indicator on MT4 Platform Software
- Balance of Power(BOP) Indicator, BOP Analysis
- for Beginners an Introduction to Trading FX Lesson
