Placing Fibonacci Lines on MT5
The fifth option on the MetaTrader 5 software insert menu is Fibonacci Lines. The Fibonacci Lines Button has the following sub menu MT5 buttons shown below:
Fibonacci Gold Trading on MT5
Fib Lines
- XAUUSD Trading Fib Retracement
- XAUUSD Trading Fib Time Zones
- XAUUSD Trading Fibonacci Fan
- Gold Trading Fibonacci Arcs
- Gold Trading Fibonacci Expansion
Gold Trading Fibonacci Retracement
The Fibonacci retracement can be placed on a Gold Trading chart from the Fibo retracement button. Fibonacci retracement is used to estimate where a xauusd price retracement is likely to reach. The Fibonacci retracement levels are drawn as shown below. To learn how to draw & use Fibonacci Retracement Levels read the tutorial: How to draw Fibonacci Retracement Levels:
Fibonacci Retracement Levels Drawn on a Gold Chart on the MT5 Platform
Gold Trading Fibonacci Time Zones
The Fibonacci time zones are Fibonacci lines drawn at different Fibonacci timelines, these Fibonacci time zones are calculated using the Fibonacci points 1, 2, 3, 5, 8, 13, 21, 34. The Fibonacci levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, next added to the second & so on.
The Fibonacci time zones are shown below, at these time lines xauusd price changes are likely to occur based on xauusd trading analysis of Fibo time zones:
Fibonacci Time Zones in MT5
Gold Trading Fibonacci Fan
The Fib fan is drawn between two chart points & then three additional lines below the gold trend are drawn as the fans, these are 38.2%, 50.0% & 61.80% Fibo retracement levels. Xauusd price is likely to bounce & continue in the original direction after xauusd price retraces to any of these fan lines.
The Fib Fan Lines are drawn as illustrated below:
Fibonacci Fans in MetaTrader 5
Gold Trading Fibonacci Arcs
Fibonacci arcs are drawn using two chart points, the arcs are then drawn as shown below and these arcs represent 38.2%, 50.0% and 61.8% Fibonacci retracement levels.
Fibonacci Arcs Representing Fibonacci Retracement Zones on a Gold Chart
Gold Trading Fibonacci Expansion
The Fibonacci expansion is used to determine most probable level at which traders should set their take profit levels based on Fibonacci expansion level 61.8% & 100.0% expansion levels. The Fibo expansion levels are also referred to as Fibonacci Extension Levels or Fibonacci Projection Levels by some traders and these Fibonacci Extension levels are drawn as shown below. Tutorial: How to Draw Fibonacci Expansion Levels:
How to draw Fibonacci Lines and other Fibonacci studies like Fibonacci Expansion and Retracement in MT5
