Trade Forex Trading

Learn Forex Trading

How to Draw Fibonacci Retracement Levels on MetaTrader 4 Platform

MetaTrader 4 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 MetaTrader 4 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 tool on the MetaTrader 4 Software - MetaTrader 4 Line Studies Tools

 

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 chart indicator on MetaTrader 4 Forex Platform - MetaTrader 4 Line Studies Tool Bar


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 Fibonacci Retracement Levels - MetaTrader 4 Line Studies Tool Bar

 

How to Draw Fibonacci Retracement Levels Tool - MT4 Line Studies Tool Bar

 

 

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 MetaTrader 4 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.

 

Pip Value Calculator and Margin Calculator


Top 100 Broker Rankings


Up To $5K Bonus - Limited Time Bonus




Regulated Broker