How to Draw Commodities Trading Fibonacci Retracement Areas Technical Indicator in MT4 Software

MT4 Line Studies Tool Bar

To calculate these commodities trading price pullbacks on the commodities chart for example the MT4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

If you want to analyze some commodity 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 commodities trading platform this fibonacci retracement tool will automatically draw the retracement levels on a commodity chart once it is placed on the Commodities chart.

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

1. Click Insert 2. Click Fibonacci 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement commodity technical indicator can then be accessed from 'MT4 Line Studies Tool-Bar' as displayed 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 'Toolbars', 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 tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in direction of the commodity trend as shown below.

How to Place Commodities Trading Fibonacci Retracement on a Commodity Trading Chart

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