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How to Draw Fibonacci Retracement Levels Forex Trading Indicator on MetaTrader 4 Platform

MetaTrader 4 Forex Trading Platform Line Studies Tool Bar - Fibonacci Retracement Indicator

To calculate these price pullbacks on the forex chart for example the MetaTrader 4 we use Fibonacci retracement levels tool/indicator as shown on the image below.


If you want to analyze some forex trading charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 forex trading platform, the following procedure is used to add this Fibonacci retracement tool on the MT4 Forex Trading Software. On The MT4 forex trading platform this fibonacci retracement tool will automatically draw the retracement levels on a forex chart once it is placed on the Forex chart.


To add this fibonacci retracement indicator tool on the MetaTrader 4 forex trading platform, you can use the following shortcut method:

1. Click Insert
2. Click Fibonacci
3. Click Retracement


How to add Fibonacci Retracement Forex Trading Retracement Tool on the MetaTrader 4 Forex Trading Software - Fibonacci Retracement Levels Indicator on MetaTrader 4 Forex Trading Platform Line Studies Tool Bar - How to Draw Fibonacci Retracement Levels Forex Technical Indicator on MetaTrader 4 Forex Trading Charts


After adding this fibonacci retracement tool on the MT4 forex trading platform this fibonacci retracement forex indicator can then be accessed from "MetaTrader 4 Line Studies Tool Bar" as shown below.

Fibonacci Retracement Forex Trading Chart Indicator on MT4 Forex Charts - MetaTrader 4 Forex Trading Platform Line Studies Tool Bar - How to Draw Fibonacci Retracement Levels Indicator on MT4 Forex Trading Platform - Fibonacci Retracement Levels Indicator on MetaTrader 4 Forex Trading Platform Line Studies Tool Bar - How to Draw Fibonacci Retracement Levels Forex Technical Indicator on MT4 Forex Trading Charts


This fibonacci retracement tool is located on MetaTrader 4 (Line Studies Toolbar), to go to this MetaTrader 4 Line Studies tool bar click "View" at the top left corner of MetaTrader 4 next to file, then click "Toolbars", Then Check "Line Studies". You can learn how to use MetaTrader 4 Line Studies Tool Bar on the MetaTrader 4 forex trading platform using a demo practice account.



Below is an example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in the direction of the Forex trend as shown below.


Example of How to Draw Forex Trading Fibonacci Retracement Levels - MT4 Forex Platform Line Studies Tool Bar - How to Draw Fibonacci Retracement Levels Forex Technical Indicator on MT4 Forex Trading Platform - Fibonacci Retracement Levels Indicator on MetaTrader 4 Forex Trading Platform Line Studies Tool Bar - How to Draw Fibonacci Retracement Levels Indicator on MetaTrader 4 Forex Trading Charts


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How to Place Fibonacci Retracement on a Forex Chart

To Place this fibonacci retracement tool on a forex trading chart, click on the button shown above on the MT4 forex software. Then select 2 chart points, the first point is where the forex trend starts and the second point is where the trend pull back is starting.


 

Technical Analysis