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Setting up Fib Expansion on MetaTrader 4 and Changing its Settings

The steps below explain how to draw these levels, how to use this tool & how to change its settings.

How to Add This Tool on Meta Trader 4

Steps: This tool isn't shown by default on MetaTrader 4 settings, if the button doesn't appear on your MT4 software, (no need for you to download this indicator tool) then find 'MT4 Line Studies Toolbar' shown below and follow the steps highlighted below:

1. MetaTrader 4 Line Studies Tool-Bar

Line Studies Toolbar on MT4 - Drawing Fibonacci Expansion on Stock MetaTrader 4 Charts in MT4

2. Customize Line Studies Tool Bar

Right Click Customize button (illustrated & displayed below) >>> A drop down menu appears, Select Customize >>>

Customize Line Studies Toolbar on MT4 - Drawing Fibonacci Expansion on MetaTrader 4 Charts in MT4

3. Place This Tool on Meta Trader 4

Choose the expansion tool from the popup panel window that will then appear >>> Click Insert button >>> Click Close. (Shown Below)

Adding Fibonacci Expansions Tool on MT4 - Drawing Fibonacci Expansion on MetaTrader 4 Charts on MT4

4. Fib Expansion Tool Added

Fibonacci Expansion Tool Added to MT4 - Setting up Fib Expansions on MetaTrader 4

Short Cut of How to Add

You also can use this short cut instead of the above technique, do this:

  1. Click "Insert Menu"

  2. Click Fib
  3. Press Extension

Short Cut of How Do I Add Fib Expansion Tool on MT4? - Setting up Fib Expansions in MT4

Steps on How to Draw Expansion

Steps. Once you have added this button, you can draw this indicator tool by selecting it & drawing it on a chart. The 3 points will be marked 1, 2 & 3, choose the Fibo indicator, add the indicator tool on chart point 1 & while still holding down the mouse button drag the mouse up to chart point marked 2.

Setting up Fibonacci Expansions on MetaTrader 4

How to Shift This Tool on a Chart

Steps. Once you have drawn this indicator, you may need to move one chart point or another to the precise position where you precisely want. These Three chart points are marked 1, 2 and 3 & these are used to change the indicator settings after this Fibonacci indicator tool has been placed on a chart.

To change the indicator settings: do this, double-click the trading indicator, it pops up as dotted lines (shown above), three cursor points appear that are marked 1 2 3, you can then use these 3 points to adjust & fit the indicator accordingly to your chart (just click on the point you want & move it).

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