Placing Fibonacci Lines on MetaTrader 5
The 5th option on the MT5 platform insert menu is Fib Lines. The Fib Lines Button Key has the following submenu MT5 buttons shown below:
Fibonacci Forex on Meta Trader 5
Fibonacci Lines
- Forex Fibonacci Retracement
- Forex Fibonacci Time Zones
- Forex Fib Fan
- Forex Fib Arcs
- FX Fib Expansion
FX Fib Retracement
The Fibo retracement can be placed on a Forex chart from the Fibonacci retracement button. Fibo retracement is used to project where a forex price pull back is likely to reach. The Fibo retracement levels are drawn as shown and illustrated below. To learn how to draw and use Fibo Retracement Levels read the guide: How to draw Fibonacci Retracement Levels:
Fibo Retracement Levels Drawn on Forex Chart on the MT5 Platform
Forex Fibonacci Time Zones
The Fibo time zones are Fibo lines plotted at different Fibo timelines, these Fibo time zones are calculated using Fib points 1, 2, 3, 5, 8, 13, 21, 34. The Fibo levels are 1+2=3, 2+3=5, 3+5=8, first number add to next, the next added to the second & so on.
The Fib time zones are pictured below, at these time lines forex price changes are likely to occur based on forex technical analysis of Fibonacci time zones:
Fibonacci Time Zones in MetaTrader 5
Forex Fibonacci Fan
The Fib fan is drawn between two chart points & then three additional lines below the forex trend are plotted as the fans, these are 38.2%, 50.0% & 61.80% Fib retracement levels. Price is likely to bounce & continue in the original direction after forex price retraces to any of these fan lines.
The Fibo Fan Lines are drawn as shown and illustrated below:
Fibonacci Fans on Meta Trader 5
FX Fib Arcs
Fib arcs are plotted using two chart points, arcs are then drawn as shown & illustrated below & these arcs represent 38.2%, 50.0% & 61.8% Fibo retracement levels.
Fibonacci Arcs Representing Fibonacci Retracement Zones on a Chart
FX Fibonacci Expansion
The Fibo expansion is used to determine most probable level at which traders should set their take profit levels based on Fibo expansion level 61.8% and 100.0% expansion levels. The Fibo expansion levels are also referred to as Fibo Expansion Levels or Fibonacci Projection Levels by some traders & these Fibo Extension areas are drawn as illustrated below. Tutorial: How to Draw Fibonacci Extension Levels:
How to draw Fib Lines and other Fibo studies like Fibo Expansion and Retracement on Meta Trader 5