How to Draw Fib Retracement Levels on MT4
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 platform software, the following procedure is used to add this Fibonacci retracement indicator on the MetaTrader 4 Platform. On MT4 platform software this Fib retracement tool will automatically draw the retracement levels on a chart once it's placed on the chart.
To add this Fib retracement technical indicator tool in MT4 software, you as a trader can use the following short-cut technique:
1. Click Insert 2. Click Fibonacci 3. Press Retracement
After adding this Fib retracement indicator on the MetaTrader 4 platform software this Fib retracement technical indicator tool then can be accessed from "MetaTrader 4 Line Studies Tool-bar" like as displayed below.
This Fib retracement indicator is located on MT4 (Line Studies Tool Bar), to go to this MetaTrader 4 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 Tool-Bar on the MetaTrader 4 platform software using a practice trade account.
Displayed Below is example illustration of the Fib retracement technical indicator, we always draw and plot the Fib retracement trading indicator between 2 points, point 1 & point 2, in the direction of the trend such as shown below.
How to Place Fib Retracement on a Trading Chart
To Place and Add this Fib retracement indicator on a trading chart, press on the button shown above in MT4 platform software. Then choose 2 chart points, the first point is where the market trend begins and the second point is where the trend retracement is starting.
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