How to Draw Fibonacci Retracement Level on MT4 Platform Software
MetaTrader 4 Line Studies Toolbar
To calculate these potential price pullbacks on a chart, such as within the MT4 environment, we utilize the Fibonacci retracement levels indicator, as visually represented in the screenshot below:
If you want to examine some charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 platform, the following procedure is used to add this Fib retracement indicator on the MetaTrader 4 Platform. On MT4 platform software this Fibonacci retracement tool will automatically draw the retracement levels on a chart once it's placed on the Stock Index chart.
To quickly incorporate this Fibonacci retracement technical instrument into the MT4 software, employ the following shortcut:
1. Click Insert 2. Click Fib 3. Press Retracement
After adding this Fibonacci retracement indicator on the MetaTrader 4 platform this Fib retracement technical indicator can then be accessed from "MetaTrader 4 Line Studies Tool Bar" just as displayed below.
This Fib retracement indicator is located on MetaTrader 4 (Line Studies Tool Bar), to go to this MetaTrader 4 Line Studies toolbar click "View" button key at top left corner of MT4 next to file, then click "Tool Bars", Then Tick "Line Studies". You can learn how to use MetaTrader 4 Line Studies Toolbar on the MT4 software using a practice trading account.
Here is an example of the Fib retracement tool: we always draw and place the Fibonacci retracement tool between two spots, spot 1 and spot 2, going in the direction of the trend as shown below.
How to Set Fibo Retracement on a Indices Chart
To Place this Fibonacci retracement indicator on a trading chart, click the button shown above in the MetaTrader 4 platform. Then select 2 chart points, the first point is where the price trend begins & the second point is where the market trend retracement is beginning.
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