Setting up Fibonacci Expansion on MetaTrader 4 & Changing its Settings
The steps below explain how to add these Fib Expansion levels on charts, how to use this Fibonacci Expansion tool and how to change its settings.
How to Set Fibonacci Expansion Tool on the MT4 Software
Steps: This Fibonacci Expansion tool is not displayed by default in MetaTrader 4 settings, if the button for this Fibonacci Expansion tool does not appear in your MT4 platform, (no need to download this Fibonacci Expansion indicator) just locate the 'MetaTrader 4 Line Studies Tool-bar' shown below and follow the steps below so as to add this Fibonacci Expansion Trading Indicator on MetaTrader T4:
1. MetaTrader 4 Line Studies Tool-bar
2. Customize Line Studies Tool-bar
Right Click the Customize button (shown below) >>> A drop down menu appears, Select & Choose Customize >>>
3. Add This Fibonacci Expansion Tool on MT4 Platform
Choose the extension tool from the popup window that then will appear >>> Press Insert button >>> Click Close. (Shown Below)
4. Fibonacci Expansion Trading Indicator Added
Short Cut of How to Add Fibonacci Expansion Indicator
You can also use this short-cut instead of the above technique, do this:
- Press the "Insert Menu"
- Click Fib
- Click Expansion
Steps on How to Draw Fib Indicator
Steps. Once you as a trader have added this button, you as a trader can draw this Fibonacci Expansion tool by selecting it and drawing it on a chart. The 3 points will be identified 1, 2 & 3, select the Fib Expansion indicator, place the Fibo Expansion indicator on point 1 and while still holding down the mouse pointer button drag the mouse upward to point tagged 2.
How to Adjust This Fibonacci Expansion Tool on a Chart
Steps. Once you as a trader have drawn this Fibonacci Expansion indicator, you may need to move one point or another to the exact position where you precisely want this indicator. The Three points are identified 1, 2 & 3 and these points are used to change the Fib Expansion indicator settings after this indicator has been drawn on a chart.
To change the Fibo Expansion settings: do this, double click the Fib Expansion indicator, it then will appear and be shown as dotted lines (shown above), three cursor points will show which are identified as 1 2 3, you as a trader can then use the 3 points to adjust and fit the Fibo Expansion indicator accordingly to your chart (just click the point you want and move it on the chart using your mouse - click and hold and drag the indicator point to where you want it).
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