How to Draw Fibonacci Retracement Areas on MT4 Platform Software
MetaTrader 4 Line Studies Toolbar
To calculate these price pull backs on the chart for example the MT4 we use Fibo retracement levels indicator as shown & displayed 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 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 add this Fibonacci retracement technical tool on the MT4 software, you as a stock indices trader can use the following short-cut method:
1. Click Insert 2. Click Fibonacci 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 Fibonacci 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.
Displayed Below is example of the Fib retracement technical indicator, we always draw and plot the Fibonacci retracement technical indicator between two points, point 1 and point 2, in direction of the trend just 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 market trend begins & the second point is where the market trend retracement is beginning.
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