Oil Fib Extension Calculator

How to Use Oil Fib Extension in Oil

We use Oil Fib Extension Levels to estimate where the oil trend movement will reach. There are 2 important Oil Fib Extension levels: 61.8% and 100% Oil Fib Extension Levels, these are used for profit taking.

To draw Oil Fib Extension levels on MT4 crude oil chart we wait until the crude crude oil price retracement is complete & the crude crude oil price starts to move in the original direction of the Oil trend. Where the crude crude oil price retracement reaches is used as chart point 3. Oil Trading Fibo Extension MetaTrader 4 Indicator is drawn using three chart points as displayed on the oil example displayed below of how to draw the Oil Fib Extension Indicator MT4 Tool.

The Oil Fib Extension MT4 Oil Technical Indicator example shown and illustrated below shows 3 Chart Points where the Oil Fib Extension MT4 crude oil technical indicator is drawn, marked as Chart point 1, Chart point 2 and Chart point 3.

Chart point 1 is where the oil trend started, Chart point 2 is where the oil trend pulled back and retraced & Chart point 3 is where the oil retracement reached as displayed on the Oil Fib Extension MT4 Crude Oil Indicator Tool example illustrated below.

Crude Oil Trading Fibonacci Extension MT4 Indicator - Oil Fib Extension Calculator

Crude Oil Trading Fibonacci Extension MT4 Indicator - Oil Fib Extension Calculator

Please note where these Oil Fib Extension levels are drawn – Oil Fib Extension levels are drawn above MT4 Fibonacci indicator, these are the chart points where a oil trader will set the take profit orders using these Oil Fib Extension Levels - 61.80% and 100.00% Oil Fib Extension Levels.

Oil Fibonacci Extension MT4 Technical Indicator

We use Oil Fib Extension Levels to estimate where the oil trend movement will reach. There are 2 important Oil Fib Extension levels: 61.8%Oil Fib Extension Level & 100% Oil Fib Extension Level, these Oil Fib Extension Levels are used for profit taking.

On the Oil Fib Extension MT4 oil indicator example shown below you can see that the Oil Fib Extension MT4 oil indicator is drawn along the direction of the oil trend, since the oil trend is upward - MetaTrader 4 Oil Fib Extension indicator is drawn upwards.

These Oil Fib Extension levels are displayed as horizontal lines above Oil Fib Extension MT4 crude oil technical indicator, showing profit taking areas. In the oil example shown below if you had used of 100.0% Oil Fib Extension level you would have made good profit from the trade set up.

Upwards Oil Trend - Crude Oil Trading Fibonacci Extension MT4 Indicator - Oil Fib Extension Calculator

Crude Oil Fib Extension Calculator - How to Use Crude Oil Fib Extension in Crude Oil

From the above Oil Fib Extension MT4 oil indicator examples, the upwards oil trend continued & both 61.80% and 100.00% Oil Fib Extension levels were all hit after which crude crude oil price retraced again after getting to the 100.00% Oil Fibonacci Extension level.

Oil Fibonacci Extension MT4 Technical Indicator

Since we use the Oil Fib Extension MT4 oil tool to estimate take profit levels, how do we draw MT4 Oil Fib Extension in a downward Oil trend?

We draw the Oil Fib Extension MT4 oil indicator tool from chart point 1 to chart point 2 to chart point 3 as shown on the oil examples shown below. Remember we always draw this Oil Fib Extension MT4 oil tool in the direction of the crude oil trend. In the Oil Fib Extension example shown and illustrated below, can you figure what is direction we have drawn it? That is right - downward direction.

Try and spot difference between how we have drawn Oil Fib Extension indicator above & how Oil Fib Extension indicator is drawn below. This time you would also have used Oil Fib Extension level 100.0%, just where the crude crude oil price reached as shown on the oil example shown below. That would have been a good level for take profit.

Downwards Oil Trend - Crude Oil Trading Fibonacci Extension MT4 Indicator - Oil Fib Extension Calculator

Crude Oil Fib Extension Calculator - How to Use Crude Oil Fib Extension in Crude Oil

From the Oil Fib Extension MT4 oil indicator examples above, after drawing this MT4 Oil Fib Extension tool there are two levels that are used to show profit taking areas, these two Oil Fib Extension levels are drawn represented as horizontal lines across the crude crude oil price chart marked as 61.8%Oil Fib Extension Level & 100% Oil Fib Extension Level.