How to Draw Commodities Trading Fibonacci Retracement Levels Indicator on MetaTrader 4 Commodity Trading Software

MetaTrader 4 Line Studies Tool Bar

To calculate these commodities price pullbacks on the commodities chart for example the MetaTrader 4 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 commodities trading platform, the following procedure is used to add this Fibonacci retracement tool on the MetaTrader 4 Commodities Trading 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 indicator tool on the MT4 commodities trading platform, you can use the following shortcut method:

1. Click Insert2. Click Fibonacci3. Click Retracement

After adding this fibonacci retracement tool on the MT4 commodities trading platform this fibonacci retracement commodity indicator can then be accessed from "MetaTrader 4 Line Studies Tool Bar" as shown below.

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

Below is an example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in the 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 MetaTrader 4 commodity trading 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.