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 expansion tool from the popup window that will then appear >>> Click Insert button >>> Click 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 can also use this shortcut instead of the above method, do this:Click "Insert Menu"Click FibonacciClick Expansion
Steps on How to Draw Fib Expansion 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 3 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 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 & these are used to change the settings after this Fib 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 (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).
