How to Draw Silver Trading Fibo Retracement Levels on MT4

MT4 Line Studies Tool Bar

To calculate these xagusd trading price pullbacks on the silver chart for example the MT4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

If you want to analyze some silver charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 platform, the following procedure is used to add this Fibonacci retracement tool on the MT4 Software. On The MT4 xagusd platform this fibonacci retracement tool will automatically draw the retracement levels on a silver chart once it is placed on the Silver chart.

To add this fibonacci retracement technical indicator tool on the MT4 platform, you can use the following short cut technique:

1. Click Insert 2. Click Fibonacci 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement silver technical indicator can then be accessed from "MetaTrader 4 Line Studies Tool-Bar" as illustrated below.

This fibonacci retracement tool is located on MT4 (Line Studies Toolbar), to go to this MT4 Line Studies tool bar click the "View" button at the top left corner of MT4 next to file, then click "Toolbars", Then Check "Line Studies". You can learn how to use MT4 Line Studies Tool Bar on the MT4 platform using a demo practice account.

Below is an example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in the direction of the silver trend as shown below.

How to Place XAGUSD Trading Fibonacci Retracement on a XAGUSD Trading Chart

To Place this fibonacci retracement tool on a xagusd trading chart, click on the button shown above on the MT4 software. Then select 2 chart points, the first point is where the silver trend starts and the second point is where the silver trend pull back is starting.