How to Draw Metals Fibonacci Retracement Levels Metals Indicator in MT4 Software

Metal Fibonacci Retracement Indicator

To calculate these metals price pullbacks on the metals chart for example the MT4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

If you want to analyze some metals charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 platform, the following procedure is used to add this Fibonacci retracement tool on the MT4 Software. On The MT4 metal platform this fibonacci retracement tool will automatically draw the retracement levels on a metals chart once it is placed on the Metals chart.

To add this fibonacci retracement technical indicator tool on the MetaTrader 4 platform, you can use the following shortcut method:

1. Click Insert 2. Click Fib 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement metals technical indicator can then be accessed from 'MT4 Line Studies Tool Bar' as shown below.

This fibonacci retracement tool is located on MT4 (Line Studies Toolbar), to go to this MetaTrader 4 Line Studies tool bar click 'View' button at the tops left corner of MetaTrader 4 next to file, then click 'Toolbars', Then Check 'Line Studies'. You can learn how to use MT4 Line Studies Tool Bar on the MetaTrader 4 platform using a practice account.

Below is an example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in the direction of the metals trend as shown below.

How to Place Metal Trading Fibonacci Retracement on a Metal Chart

To Place this fibonacci retracement tool on a metal chart, click on the button shown above on the MT4 software. Then select 2 chart points, the first point is where the metals trend starts and the second point is where the metals trend pull back is starting.