Placing Fibonacci Lines on MT4
The fifth option on the MetaTrader 4 software insert menu is Fib Lines. Fibonacci Lines Button has the following sub-menu buttons shown below:
Fibonacci XAUUSD in MetaTrader 4
Fibonacci Lines
- XAUUSD Trading Fib Retracement
- XAUUSD Trading Fib Time Zones
- XAUUSD Trading Fib Fan
- XAUUSD Trading Fib Arcs
- XAUUSD Trading Fib Expansion
XAUUSD Trading Fib Retracement
The Fibonacci retracement can be placed on the a Gold chart from the Fibonacci retracement button. Fib retracement is used to estimate where a xauusd trading 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 MT4 Platform
XAUUSD Trading Fib 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, the next added to the second & so on.
The Fibonacci time zones are shown below, at these time lines price changes are likely to occur based on technical analysis of Fibonacci time zones:
Fibonacci Time Zones in MT4
XAUUSD Trading Fib 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%, 50.00% and 61.80% Fibonacci retracement levels. Xauusd trading price is likely to bounce & continue in the original direction after price retraces to any of these fan lines.
The Fib Fan Lines are drawn as illustrated below:
Fibo Fans on MT4
XAUUSD Trading Fibonacci Arcs
Fib arcs are drawn using two chart points, the arcs are then drawn as shown below & these arcs represent 38.2%, 50.0% & 61.8% Fib retracement levels.
Fibo Arcs Representing Fibonacci Retracement Zones on a Gold Chart
Gold Trading Fibonacci Expansion
The Fibonacci expansion is used to determine the most probable level at which traders should set their take profit levels based on Fib expansion level 61.8% & 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Fibonacci Extension Levels or Fibonacci Projection Levels by some traders & these Fibonacci Extension areas 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 MetaTrader 4
