Placing Fibonacci Lines in MT4 Oil Trading Platform
The fifth option on the MetaTrader 4 software insert menu is Fibonacci Lines. The Fib Lines Button Key has the following submenu buttons shown below:
Fibonacci Oil Trading in MT4 Oil Software
Fibonacci Lines
- Oil Trading Fib Retracement
- Oil Trading Fib Time Zones
- Oil Trading Fib Fan
- Oil Trading Fib Arcs
- Oil Trading Fib Expansion
Oil Trading Fib Retracement
The Fibonacci retracement can be placed on the a Oil Trading chart from the Fibonacci retracement button. Fib retracement is used to estimate where a crude oil trading price retracement is likely to reach. The Fibonacci retracement levels are drawn as shown and illustrated below. To learn how to draw & use Crude Oil Fib Retracement Levels read the tutorial: How to draw Crude Oil Trading Fib Retracement Levels:
Crude Oil Trading Fib Retracement Levels Drawn on a Crude Oil Trading Chart on The MT4 Oil Software
Oil Trading Fib Time Zones
The Fibo time zones are Fibo lines drawn at different Fibo timelines, these Fibo time zones are calculated using the Fibo points 1, 2, 3, 5, 8, 13, 21, 34. The Fibo 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 crude crude oil price changes are likely to occur based on technical analysis of Fibo time zones:
Fibonacci Time Zones on MT4 Oil Software
Oil Trading Fib Fan
The Fibonacci fan is drawn between 2 chart points and then 3 additional lines below the oil trend are drawn as the fans, these are 38.20%, 50.00% & 61.8% Fibo retracement levels. The crude crude oil trading price is likely to bounce and continue in the original direction after crude crude oil price retraces to any of these fan lines.
The Fibonacci Fan Lines are drawn as shown and illustrated below:
Fibonacci Fans on MT4 Oil Software
Oil Trading Fibonacci Arcs
Fib arcs are drawn using two chart points, arcs are then drawn as shown and illustrated below and these arcs represent 38.2%, 50.0% & 61.8% Fib retracement levels.
Fibonacci Arcs Representing Crude Oil Fib Retracement Zones on a Oil Trading Chart
Oil Trading Fib Expansion
The Fibo expansion is used to determine the most probable level at which traders should set their take profit levels based on Fibo expansion level 61.8% & 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Oil Trading Fib Extension Levels or Fib Projection Levels by some traders & these Oil Trading Fib Extension levels are drawn as shown and illustrated below. Tutorial: How to Draw Crude Oil Fibonacci Expansion Levels:
How to draw Fibonacci Lines & other Fibonacci studies like Oil Trading Fibonacci Expansion and Retracement on MT4 Oil Software
