How to Draw Fibonacci Expansion Levels on MetaTrader 4 Platform

The steps below explain how to draw Fibonacci Expansion levels on MT4 Platform and how to change its settings. This tutorial also explains how to trade Gold using this tool.

 

How to Add This Fibonacci Expansion Levels Tool on MetaTrader 4 Platform

Steps: This tool is not displayed by default in MetaTrader 4 default settings, if the button does not appear on your MetaTrader 4, (no need to download this indicator) then locate the "MetaTrader 4 Line Studies Toolbar" shown below and follow the steps below:

MetaTrader 4 Line Studies ToolBar

 

Customize Line Studies Toolbar

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

 

 

Place This Tool on MetaTrader 4 Platform

Select the expansion tool from the pop up window that will then appear >> Click Insert button >> Click Close. (Shown Below)

 

Fibonacci Expansion Tool Added

Fibonacci Expansion Levels Tool Added to MetaTrader 4 Platform

 

 

Shortcut of How to Add Fibonacci Expansion Tool

You can also use this shortcut instead of the above method, do this:
Click "Insert Menu"
Click Fibonacci
Click Expansion

Steps on How To Draw Fibonacci Expansion Levels

 

Steps: Once you have added this Fibonacci expansion button, you can draw this tool by selecting it and drawing it on a Gold price chart. The 3 chart points will be marked 1, 2 and 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 Fibonacci Expansion Levels on a Gold Price Chart

How to Adjust This Tool on a Gold 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. These 3 chart points are marked 1, 2 and 3 and these are used to change the settings after this Fibonacci expansion indicator has been drawn on a Gold price chart.

 

To change the settings; do this, double click the indicator, it appears as dotted lines (shown 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).