Placing Fibo Lines on MT5

The 5th option on the MetaTrader 5 platform insert menu is Fib Lines. The Fibonacci Lines Button has the following sub menu MT5 buttons shown below:

Fibonacci Gold on MT5

Fibonacci Lines

XAUUSD Fibo Retracement
Gold Fib Time Zones
Gold Fib Fan
Gold Fibonacci Arcs
Gold Fib Expansion

Gold Fibonacci Retracement

The Fibonacci 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 Fibo retracement areas are plotted as shown below. To learn how to draw & use Fib Retracement Levels read the guide: How to draw Fibonacci Retracement Levels:

Fibo Retracement Levels Drawn on a Chart on the MT5 Platform

Gold Fibo Time Zones

The Fib time zones are Fib lines drawn at different Fibonacci timelines, these Fib time levels are calculated using the Fibonacci 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 and 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 MetaTrader 5

Gold Fibo Fan

The Fibo fan is drawn between two chart points and then three 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 Fibo Fan Lines are drawn as illustrated below:

Fibonacci Fans in MT5

Gold Fibo Arcs

Fibo arcs are drawn using two points, the arcs are then drawn as shown below and these arcs represent 38.2%, 50.0% and 61.8% Fibonacci retracement levels.

Fibonacci Arcs Representing Fibo 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 Fibonacci expansion level 61.8% & 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Fibo Extensions or Fibo Projection Levels by some traders & these Fibo Extension levels are drawn as shown below. Tutorial: How to Draw Fibo Expansions:

How to draw Fibonacci Lines and other Fibonacci studies like Fibo Expansion and Retracement in MT5

Study More Lessons and Topics:

Trade Gold Trading