How to Draw Fibonacci Retracement Areas on MT4
MetaTrader 4 Line Studies Tool Bar
To calculate these price pull backs on the chart for example the MetaTrader 4 we use Fibo retracement levels trading indicator as shown on the shot below.
If you want to examine some charts using this Fibonacci retracement line studies tool, it is already provided for in the MetaTrader 4 platform, the following procedure is used to add this Fib retracement tool on the MetaTrader 4 Platform. On MetaTrader 4 platform this fibonacci retracement tool will automatically draw the retracement levels on a chart once it's placed on the Indices chart.
To add this fibonacci retracement technical indicator tool on the MT4 software, you can use the following short cut method:
1. Click Insert 2. Click Fibonacci 3. Press Retracement
After adding this fibonacci retracement tool on the MT4 software this fibonacci retracement technical indicator tool then can be accessed from "MetaTrader 4 Line Studies Tool Bar" as displayed below.
This fibonacci retracement tool is located on MetaTrader 4 (Line Studies ToolBar), to go to this MetaTrader 4 Line Studies toolbar click "View" button key at top left corner of MT4 next to file, then click "ToolBars", Then Tick "Line Studies". You can learn how to use MetaTrader 4 Line Studies Tool-Bar on the MT4 software using a practice trading account.
Shown Below is example of the Fibonacci retracement technical indicator, we always draw the fibonacci retracement technical indicator between two points, point 1 and point 2, in direction of the trend as shown below.
How to Place Fibo Retracement on a Indices Chart
To Place this fibonacci retracement tool on a trading chart, click the button shown above in the MT4 platform. Then select 2 chart points, the first point is where the market trend starts & the second point is where the market trend pull-back is starting.
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