Setting up Fibonacci Expansion in MetaTrader 4 and Changing its Settings
The steps below show how to draw these levels, how to use this tool & how to change its settings.
How to Add This Indicator Tool on MetaTrader 4
Steps: This tool is not shown by default in MT4 settings, if the button key doesn't appear on your MetaTrader 4 platform, (no need for you to download this indicator) then find the 'MetaTrader 4 Line Studies Tool bar' shown below & follow the steps explained below:
1. MT4 Line Studies Tool Bar
2. Customize Line Studies Tool bar
Right-click the Customize button key (shown below) >>> A drop-down menu pops up, Choose Customize >>>
3. Place This Tool in MetaTrader 4
Choose the expansion tool from the pop up window that will then appear >>> Click Insert button key >>> Click Close. (Shown Below)
4. Fibo Expansion Indicator Tool Added
Short Cut of How to Add
You can also use this short cut instead of the above technique, do this:
- Click "Insert Menu"
- Click Fibonacci
- Click Expansion
Steps on How to Draw Expansion
Steps. Once you have added this button key, you can place this indicator by selecting it & drawing it on a xauusd chart. 3 points will be marked 1, 2 & 3, choose the Fibo indicator, place the indicator on chart point 1 & while still holding down the mouse button drag the mouse upward to chart point marked 2.
How to Shift This Indicator Tool on a Trading Chart
Steps. Once you've drawn this indicator, you might need to move one chart point or another to the precise position where you precisely want. These 3 chart points are marked 1, 2 & 3 & these are used to change the indicator parameters after this Fibo indicator tool has been drawn on a Gold chart.
To change the indicator parameters: do this, doubleclick the indicator, it pops up as dotted lines (shownillustrated above), three cursor points will show which are marked 1 2 3, you can then use these Three points to shift & fit the Fibo indicator tool accordingly to your chart (just click on the point you want & move it).
