Placing Fib Lines on the MT5
The 5th option on the MT5 platform insert menu is Fibo Lines. The Fib Lines Button has the following sub menu MT5 buttons shown below:
Fibonacci Gold on the MT5
Fibonacci Lines
- XAUUSD Fibo Retracement
- Gold Fibonacci Time Zones
- Gold Fibonacci Fan
- Gold Fibonacci Arcs
- Gold Fibonacci Expansion
Gold Fibonacci Retracement
The Fib retracement can be placed on a Gold chart from the Fibo retracement button. Fibonacci retracement is used to estimate where a price retracement is likely to reach. The Fibonacci retracement areas are plotted like as illustrated and shown below. To learn how to draw & use Fib Retracement Levels read the guide: How to draw Fibonacci Retracement Levels:
Fibonacci Retracement Levels Drawn on a Chart on the MT5 Platform Software
Gold Fibo Time Zones
The Fib time zones are Fibonacci lines drawn at different Fib timelines, these Fib time levels are calculated using the Fib points 1, 2, 3, 5, 8, 13, 21, 34. The Fib levels are 1+2=3, 2+3=5, 3+5=8, first number add to next, next added to the second & so on.
The Fib time zones are illustrated below, at these time lines price changes are likely to occur based on trading analysis of Fibo time zones:
Fibonacci Time Zones in MT5 Platform Software
Gold Fibo Fan
The Fibo fan is drawn between 2 chart points and then 3 additional lines below the trend are drawn as the fans, these are 38.2 %, 50.0% & 61.80% Fib retracement levels. Xauusd price is likely to bounce & continue in the original direction after price retraces to any of these fan lines.
The Fibonacci Fan Lines are drawn like illustrated and shown below:
Fibonacci Fans in MT5 Platform Software
Gold Fibo Arcs
Fibonacci arcs are drawn using 2 points, the arcs are then drawn just as shown below and these arcs represent 38.2%, 50.0% and 61.8% Fib retracement levels.
Fibonacci Arcs Representing Fib Retracement Zones on a Chart
Gold Fibo Expansion
The Fib expansion is used to determine most probable level at which traders should set their take-profit levels based on Fib expansion level 61.8% and 100.0% expansion levels. The Fib expansion levels are also referred to as Fib Extensions or Fib Projection Levels by some traders & these Fibonacci Extension levels are drawn like shown below. Tutorial: How to Draw Fibo Expansions:
How to draw Fib Lines and other Fib studies like Fib Expansion & Retracement on MT5 Software Platform
Study More Guides & Topics:
- McClellan Oscillator Gold Indicator Technical Analysis
- Gold Pivot Points Support and Resistance Levels
- How to Add Momentum Indicator on Gold Chart in MetaTrader 4 Software
- Gold Platform MetaTrader 5 Templates on the Charts Menu in the MetaTrader 5 Platform Software
- How to Trade Gold in MT5 Gold Charts
- How to Read XAUUSD Chart Data from MT4 Gold Chart Data Window
- How to Add XAUUSD Orders in MT4 Charts
- MetaTrader 4 Charts Objects List on MetaTrader 4 Charts Menu
- What's a Mini Lot in Gold for Mini XAUUSD Account?
- How to Choose & Select a Good Regulated Broker