How to Draw CFD Fibo Retracement Areas Indicator in MetaTrader 4 Software

CFDs Fib Retracement Technical Indicator

To calculate these cfds price pullbacks on the cfds chart for example the MT4 we use Fib retracement areas indicator as pictured on the screenshot below.

If you want to analyze 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 Fibonacci retracement tool on the MT4 Software. On The MT4 trading software this fibonacci retracement tool will automatically draw the retracement levels on a chart once it is placed on the CFD chart.

To add this fibonacci retracement technical indicator tool on the MT4 platform, you can use the following short cut method:

1. Click Insert 2. Click Fib 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 software this fibonacci retracement technical tool can then be accessed from "MT4 Line Studies Tool Bar" as shown below.

This fibonacci retracement tool is located on MT4 (Line Studies Toolbar), to go to this MT4 Line Studies tool bar click "View" button at top left corner of MT4 next to file, then click "Tool-Bars", Then Check "Line Studies". You can learn how to use MetaTrader 4 Line Studies Tool Bar on the MT4 platform using a demo practice account.

Below is example of the Fibonacci retracement indicator, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in direction of the trend as shown below.

How to Place CFDs Fibo Retracement on a CFD Chart

To Place this fibonacci retracement tool on a chart, click on the button shown above on MT4 software. Then select 2 chart points, the first point is where the trend starts and the second point is where the trend pull back is starting.