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Setting up Fibonacci Expansion on MT4 and Changing its Settings

The steps below explain how to draw these Fibonacci Expansion levels on forex charts, how to use this Fibonacci Expansion tool and how to change its settings.

How to Add Fibonacci Expansion Tool on MT4

Steps: This Fibonacci Expansion tool is not displayed by default in MT4 settings, if the button for this Fibonacci Expansion tool does not appear on your MetaTrader 4 platform, (no need to download this Fibonacci Expansion indicator) just locate the "MetaTrader 4 Line Studies Toolbar" shown below and follow the steps below so as to add this Fibonacci Expansion Indicator on MT4:

1. MetaTrader 4 Line Studies ToolBar

Line Studies Toolbar on MT4 - Fibonacci Expansion Levels Indicator on MT4 - Setting up Fibonacci Expansion on MT4

2. Customize Line Studies Toolbar

Right click the Customize button (shown below) >> A drop down menu appears, Select Customize >>

Customize Line Studies Toolbar in MT4 - Setting up Fibonacci Expansion Levels Indicator on MT4 - Setting up Fibonacci Expansion in MetaTrader 4 - Fibonacci Expansion Indicator in MT4

3. Place This Fibonacci Expansion Tool on MetaTrader 4

Select the expansion tool from the popup window that will then appear >> Click Insert button >> Click Close. (Shown Below)

Adding Fibonacci Expansion Tool on MT4 - MT4 Fibonacci Expansion Levels Technical Analysis Indicator

4. Fibonacci Expansion Tool Added

Fibonacci Expansion Levels Tool Added to MT4 - Setting up Fibonacci Expansion Indicator on MT4 - Setting up Fibonacci Expansions in MetaTrader 4 - Fibonacci Expansion Levels Indicator on MetaTrader 4

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Short Cut of How to Add Fibonacci Expansion Indicator

You can also use this short cut instead of the above method, do this:

  1. Click "Insert Menu"

  2. Click Fibonacci
  3. Click Expansion

Short Cut of How to Add Fibonacci Expansion Tool on MT4 - Fibonacci Expansion Indicator on MT4 - Setting up Fibonacci Expansion Levels on MT4

Steps on How to Draw Fibonacci Expansion Indicator

Steps. Once you have added this button, you can draw this Fibonacci Expansion tool by selecting it and drawing it on a forex chart. The 3 points will be marked 1, 2 and 3, select the Fibonacci Expansion indicator, place the Fibonacci Expansion indicator on point 1 and while still holding down the mouse button drag the mouse up to point marked 2.

How to Draw Fibonacci Expansion Levels - How to Draw Fibonacci Expansion Indicator on MT4 Charts

How to Adjust This Fibonacci Expansion Tool on a Forex Chart

Steps. Once you 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. These 3 points are marked 1, 2 and 3 and these points are used to change the Fibonacci Expansion indicator settings after this indicator has been drawn on a Forex chart.

To change the Fibonacci Expansion settings; do this, double click the Fibonacci Expansion indicator, it will then appear as dotted lines (shown above), three cursor points appear which are marked 1 2 3, you can then use these 3 points to adjust and fit the Fibonacci Expansion indicator accordingly to your forex chart (just click on 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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