How to Draw Fib Expansion Levels on MT4 Software
The steps below explain how to draw Fib Expansion levels on MetaTrader 4 Platform Software & how to change its settings. This tutorial also explains how to trade XAUUSD using this tool.
How to Add This Fib Expansion Levels Tool on MT4 Software
Steps: This tool isn't displayed by default on MetaTrader 4 default settings, if the button does not appear on your MetaTrader 4, (no need to download this technical indicator) then locate the "MT4 Line Studies Toolbar" shown below & follow the steps below:
MetaTrader 4 Line Studies ToolBar
Customize Line Studies ToolBar
Right Click the Customize button (illustrated below) >>> A drop-down menu appears, Select Customize >>>
Place This Tool on MetaTrader 4 Software
Select the extension tool from the pop up window that will then appear >>> Click Insert button >>> Press Close. (Shown Below)
Fibonacci Expansion Tool Added
Fibonacci Expansion Levels Tool Added to MetaTrader 4 Software
Shortcut of How to Add Fib Expansion Tool
You also can use this short-cut instead of the above method, do this:Press "Insert Menu"Click FibonacciClick Extension
Steps on How to Draw Fib Extension Levels
Steps: Once you have added this Fib expansion button, you can draw this tool by selecting it & drawing it on a XAUUSD price chart. The three chart points will be marked 1, 2 & 3, select the Fibonacci indicator, place the indicator on point 1 and while still holding down the mouse button drag the mouse up to point marked 2.
How to Draw Fib Expansion Levels on a Gold Price Chart
How to Adjust This Tool on a XAUUSD Chart
Steps: Once you have drawn this Fib extension indicator, you may need to move one point or another to the exact position where you precisely want. These 3 chart points are marked 1, 2 and 3 & these are used to change the settings after this Fib expansion trading indicator has been drawn on a Gold price chart.
To change the settings: do this, double click the trading indicator, it appears as dotted lines (illustrated above), three cursor points appear which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your price chart (just click on the point you want and move it).
Get More Courses and Tutorials:
- XAUUSD Pull Backs Technical Indicator XAUUSD Strategies
- How Do You Use XAUUSD Price Channel Trading Indicator?
- XAUUSD Average Directional Indices Trading Indicator
- Can I Start XAUUSD with $5000 for Standard XAUUSD Account?
- How to Trade SMA Indicator Buy Forex Trading Signal
- How Do You Calculate Profit & Loss in XAUUSD?
- How to Choose Your XAUUSD Style Tutorial Course for Different XAUUSD Traders
- How to Open a MT4 Real XAU USD Account from MetaTrader 4 Gold Platform
- Day Trade Platform Software Online & Online XAU USD Platforms
- Periodicity Toolbar Menu for MetaTrader 4 Gold Charts
