Trade Stock Indices

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. MT4 Line Studies Tool Bar

2. Customize Line Studies Tool bar

Right-click Customize button (illustrated and displayed below) >>> A dropdown menu appears, Select Customize >>>

3. Place This Tool on Meta Trader 4

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

4. Fib Expansion Tool Added

Short Cut of How to Add

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

1. Click "Insert Menu"

2. Click Fibonacci
3. Click Expansion

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 Three points will be marked 1, 2 & 3, select 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.

How to Shift This Tool on a Trading 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 Indices chart.

To change the indicator settings: do this, double-click the 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).