Placing Fibonacci Lines on MT4
The fifth option on the MT4 xagusd trading platform insert menu is Fibonacci Lines. Fibonacci Lines Button Key has the following submenu buttons shown below:
Fibonacci XAGUSD on MetaTrader 4
Fib Lines
- Silver Trading Fibonacci Retracement
- XAGUSD Trading Fib Time Zones
- XAGUSD Trading Fibonacci Fan
- Silver Trading Fibonacci Arcs
- Silver Trading Fibonacci Expansion
Silver Trading Fibonacci Retracement
The Fibo retracement can be placed on a Silver chart from the Fibonacci retracement button. Fibonacci retracement is used to estimate where a xagusd trading price retracement is likely to reach. The Fibonacci retracement levels are drawn as shown and illustrated below. To learn how to draw and use Silver Fibonacci Retracement Levels read the tutorial: How to draw Silver Fibo Retracement Levels:
Silver Trading Fibo Retracement Levels Drawn on a Silver Trading Chart on The MT4 Silver Trading Platform
Silver Trading Fibonacci Time Zones
The Fibo time zones are Fibo lines drawn at different Fibonacci 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, the next added to the second & so on.
The Fibonacci time zones are shown below, at these time lines xagusd price changes are likely to occur based on technical analysis of Fibo time zones:
Fibonacci Time Zones in MetaTrader 4
Silver Trading Fibonacci Fan
The Fibonacci fan is drawn between two chart points and then three additional lines below the silver trend are drawn as the fans, these are 38.2%, 50.00% & 61.80% Fibo retracement levels. Xagusd trading price is likely to bounce & continue in the original direction after xagusd price retraces to any of these fan lines.
The Fibonacci Fan Lines are drawn as shown and illustrated below:
Fibo Fans in MetaTrader 4
Silver Trading Fibonacci Arcs
Fib arcs are drawn using two chart points, the arcs are then drawn as shown and illustrated below & these arcs represent 38.2%, 50.0% & 61.8% Fibonacci retracement levels.
Fibo Arcs Representing Silver Fibonacci Retracement Zones on Silver Trading Chart
Silver Trading Fibonacci Expansion
The Fibo expansion is used to determine 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 Silver Fibonacci Extension Levels or Fibonacci Projection Levels by some traders & these Silver Fibonacci Extension levels are plotted as shown and illustrated below. Tutorial: How to Draw Silver Fibonacci Expansion Levels:
How to draw Fibonacci Lines & other Fibonacci studies like Silver Trading Fibonacci Expansion and Retracement on MetaTrader 4
