How to Draw Fib Retracement Levels on MetaTrader 4
MetaTrader 4 Line Studies Tool Bar - Fibo Retracement Indicator
To calculate the price pull backs on the chart for example the MetaTrader 4 we use Fibo retracement areas indicator as pictured on the shot below.
If you want to examine some forex charts using this Fibonacci retracement line studies tool, it is already provided for in the MetaTrader 4 software, the following procedure is used to add this Fibonacci retracement tool on the MetaTrader 4 Platform. On MT4 platform this fibonacci retracement tool will automatically draw the retracement levels on a chart once it's placed on the chart.
To add this fibonacci retracement technical indicator tool in MetaTrader 4 platform, you can use the following short-cut technique:
1. Click Insert 2. Click Fibonacci 3. Press Retracement
After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement technical indicator tool then can be accessed from "MetaTrader 4 Line Studies Tool Bar" as displayed below.
This fibonacci retracement tool is located on MT4 (Line Studies ToolBar), to go to this MT4 Line Studies toolbar click "View" button key at the top-left corner of MetaTrader 4 next to file, then click "ToolBars", Then Tick "Line Studies". You can learn how to use MT4 Line Studies ToolBar on the MT4 platform using a practice trade account.
Shown Below is example of the Fib retracement technical indicator, we always draw the fibonacci retracement trading indicator between two points, point 1 & point 2, in the direction of the trend as shown below.
How to Place Fib Retracement on a Trading Chart
To Place this fibonacci retracement tool on a trading chart, press on the button shown above in MetaTrader 4 platform. Then choose 2 chart points, the first point is where the market trend starts and the second point is where the trend pullback is starting.
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