How to Draw Fibonacci Expansion Levels on MetaTrader 4 Platform
The steps below explain how to draw Fibonacci Expansion levels on MT4 Platform and how to change its settings. This tutorial also explains how to trade Gold using this tool.
How to Add This Fibonacci Expansion Levels Tool on MetaTrader 4 Platform
Steps: This tool is not displayed by default in MetaTrader 4 default settings, if the button does not appear on your MetaTrader 4, (no need to download this indicator) then locate the "MetaTrader 4 Line Studies Toolbar" shown below and follow the steps below:
MetaTrader 4 Line Studies ToolBar
Customize Line Studies Toolbar
Right click the Customize button (shown below) >> A drop down menu appears, Select Customize >>
Place This Tool on MetaTrader 4 Platform
Select the expansion tool from the pop up window that will then appear >> Click Insert button >> Click Close. (Shown Below)
Fibonacci Expansion Tool Added
Fibonacci Expansion Levels Tool Added to MetaTrader 4 Platform
Shortcut of How to Add Fibonacci Expansion Tool
You can also use this shortcut instead of the above method, do this:
Click "Insert Menu"
Steps on How To Draw Fibonacci Expansion Levels
Steps: Once you have added this Fibonacci expansion button, you can draw this tool by selecting it and drawing it on a Gold price chart. The 3 chart points will be marked 1, 2 and 3, select the Fibonacci indicator, place the indicator on point 1 and while still holding down the mouse button drag the mouse up to point marked 2.
How To Draw Fibonacci Expansion Levels on a Gold Price Chart
How to Adjust This Tool on a Gold Chart
Steps: Once you have drawn this Fibonacci expansion indicator, you may need to move one point or another to the exact position where you precisely want. These 3 chart points are marked 1, 2 and 3 and these are used to change the settings after this Fibonacci expansion indicator has been drawn on a Gold price chart.
To change the settings; do this, double click the indicator, it appears as dotted lines (shown above), three cursor points appear which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your price chart (just click on the point you want and move it).