Setting up XAGUSD Fibonacci Expansion in MT4 and Changing its Settings
The steps below explain how to draw these levels, how to use this tool & how to change its settings.
How to Add This Tool on MetaTrader 4
Steps: This tool is not displayed by default on MT4 settings, if the button does not appear on your MT4 platform, (no need for you to download this indicator) then locate 'MetaTrader 4 Line Studies Tool bar' shown below & follow the steps below:
1. MT4 Line Studies Tool Bar
2. Customize Line Studies Tool bar
Right click the Customize button (shown and illustrated below) >>> A drop-down menu appears, Select Customize >>>
3. Place This Tool on MT4
Select the expansion tool from the pop up panel which will then appear >>> Click Insert button >>> Click Close. (Shown Below)
4. Silver Fibonacci Expansion 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've added this button, you can draw this tool by selecting it & drawing it on a xagusd trading chart. Three points will be marked 1, 2 and 3, choose the Fibo indicator, place the indicator on point 1 and while still holding down the mouse button drag the mouse upto point marked 2.
How to Adjust This Tool on a Chart
Steps. Once you have drawn this indicator, you might need to move one point or another to the exact position where you precisely want. These 3 points are marked 1, 2 & 3 & these are used to change the settings after this indicator has been drawn on a Silver chart.
To change the settings: do this, doubleclick the indicator, it appears as dotted lines (shown above), three cursor points appear that are marked 1 2 3, you can then use these Three points to adjust & fit the indicator accordingly to your chart (just click on the point you want and move it).
