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Setting up Fib Expansion in MetaTrader 4 and Changing its Settings

The steps below show how to add these Fib Expansion levels on charts, how to use this Fibonacci Expansion tool and how to change its settings.

How to Add Fib Expansion Tool in MetaTrader 4

Steps: This Fibonacci Expansion tool is not displayed by default on MT4 platform settings, if the button for this Fibonacci Expansion tool does not appear on your MT4 software, (no need to download this Fibonacci Expansion indicator) just locate the "MT4 Line Studies Toolbar" shown below and follow the steps below so as to add this Fibonacci Expansion Indicator in MT4:

1. MT4 Line Studies Tool Bar

2. Customize Line Studies Tool bar

Right click the Customize button (illustrated below) >>> A drop down menu appears, Select Customize >>>

3. Place This Fibonacci Expansion Tool in MetaTrader 4

Select the expansion tool from the popup window which will then appear >>> Click Insert button >>> Click Close. (Shown Below)

4. Fib Expansion Tool Added

Short Cut of How to Add Fib Expansion Indicator

You can also use this short cut instead of the above technique, do this:

1. Click "Insert Menu"

2. Click Fibonacci
3. Click Expansion

Steps on How to Draw Fibonacci Expansion Indicator

Steps. Once you've added this button, you can draw this Fibonacci Expansion tool by selecting it and drawing it on a chart. The 3 points will be identified 1, 2 and 3, select the Fib Expansion indicator, place the Fib Expansion indicator on point 1 and while still holding down the mouse pointer button drag the mouse upward to point highlighted 2.

How to Adjust This Fibonacci Expansion Tool on a Chart

Steps. Once you have drawn this Fibonacci Expansion indicator, you may need to move one point or another to the exact position where you precisely want this indicator. These Three points are identified 1, 2 and 3 and these points are used to change the Fib Expansion indicator settings after this indicator has been drawn on a chart.

To change the Fib Expansion settings: do this, double click the Fib Expansion indicator, it will then appear as dotted lines (shownillustrated above), 3 cursor points show which are identified 1 2 3, you can then use the 3 points to adjust and fit the Fib Expansion indicator accordingly to your chart (just click on the point you want and move it on the chart using your mouse - click and hold and drag the indicator point to where you want it).