Placing Fibonacci Lines on MT4 Software
The fifth option on the MT4 metal trading platform insert menu is Fib Lines. The Fib Lines Button has the following sub-menu buttons shown below:
Fibonacci Metal Trading on MetaTrader 4 Platform
Fib Lines
- Metals Trading Fibonacci Retracement
- Metals Trading Fib Time Zones
- Metals Trading Fib Fan
- Metals Trading Fib Arcs
- Metals Trading Fibonacci Expansion
Metals Trading Fib Retracement
The Fibonacci retracement can be placed on the a Metals chart from the Fibonacci retracement button. Fibonacci retracement is used to estimate where a metals price retracement is likely to reach. The Fibonacci retracement levels are drawn as illustrated and shown below. To learn how to draw and use Metals Fib Retracement Levels read the course: How to draw Metals Trading Fibonacci Retracement Levels:
Metals Fibonacci Retracement Levels Drawn on a Metals Chart on MetaTrader 4 Platform
Metals Trading Fib Time Zones
The Fibonacci time zones are Fibonacci lines drawn at different Fibo timelines, these Fibonacci time zones are calculated using the Fibonacci points 1, 2, 3, 5, 8, 13, 21, 34. The Fibonacci levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, the next added to the second and so on.
The Fibonacci time zones are shown below, at these time lines metals price changes are likely to occur based on technical analysis of Fibonacci time zones:
Fibonacci Time Zones on MT4 Platform
Metals Trading Fibonacci Fan
The Fib fan is drawn between 2 chart points & then 3 additional lines below the metals trend are drawn as the fans, these are 38.20%, 50.00% and 61.8% Fibonacci retracement levels. The metals price is likely to bounce and continue in the original direction after metals price retraces to any of these fan lines.
The Fibonacci Fan Lines are drawn as illustrated & shown below:
Fibonacci Fans on MT4 Platform
Metals Trading Fib Arcs
Fib arcs are drawn using two chart points, the arcs are then drawn as illustrated and shown below and these arcs represent 38.2%, 50.0% and 61.8% Fibo retracement levels.
Fibo Arcs Representing Metals Fibonacci Retracement Zones on Metals Chart
Metals Trading Fibonacci Expansion
The Fibonacci expansion is used to determine the most probable level at which traders should set their take profit levels based on Fibo expansion level 61.8% and 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Metals Fibonacci Extension Levels or Fibo Projection Levels by some traders & these Metals Fibonacci Extension levels are drawn as illustrated and shown below. Tutorial: How to Draw Metals Fib Expansion Levels:
How to draw Fibonacci Lines and other Fibonacci studies like Metals Trading Fibonacci Expansion and Retracement on MT4 Platform
