Setting up Fib Expansion on MT4 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 displayed and shown by default on MT4 settings, if the button does not 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. MT4 Line Studies Tool-Bar
2. Customize Line Studies Toolbar
Right Click Customize button (illustrated & shown & displayed below) >>> A drop down menu appears, Select Customize >>>
3. Place This Tool on Meta Trader 4
Choose the expansion tool from the popup panel window that then will appear >>> Click Insert button >>> Click Close. (Shown Below)
4. Fib Expansion Tool Added
Short Cut of How to Add
You also can use this short cut instead of the above technique, do this:
- Click "Insert Menu"
- Click Fib
- Press Extension
Steps on How to Draw Expansion
Steps. Once you as a trader have added this button, you as a trader can draw this technical indicator tool by selecting it & drawing it on a chart. The 3 points will be labeled 1, 2 & 3, choose the Fibo indicator, add the tool on chart point 1 & while holding down on the mouse button drag the mouse up to chart point tagged 2.
How to Shift This Tool on a Chart
Steps. Once you as a trader have drawn this indicator, you may need to move one chart point or another to the precise position and point where you precisely want. These 3 chart points are labeled 1, 2 & 3 & these are used to change the indicator settings after this Fibonacci indicator 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), 3 cursor points appear that are labeled 1 2 3, you as a trader 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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