Placing Fib Lines in MT4 Platform

The fifth option on the MetaTrader 4 platform insert menu is Fibonacci Lines. The Fib Lines Button Key has the following submenu buttons shown below:

Fibonacci Oil in MT4 Platform

Fibonacci Lines

1. Oil Fibonacci Retracement
2. Oil Fib Time Zones
3. Oil Fibonacci Fan
4. Oil Fibonacci Arcs
5. Oil Fib Expansion

Oil Fibonacci Retracement

The Fibonacci retracement can be placed on the a Oil chart from the Fibonacci retracement button. Fib retracement is used to estimate where a crude trading price retracement is likely to reach. The Fibonacci retracement levels are drawn as shown and illustrated below. To learn how to draw & use Crude Oil Fib Retracement Levels read the tutorial: How to draw Oil Fib Retracement Levels:

Oil Fib Retracement Levels Drawn on a Oil Chart on The MT4 Oil Software

Oil Fibonacci Time Levels

The Fib time zones are Fib lines plotted at different Fibonacci timelines, these Fibo time zones are calculated using the Fibo points 1, 2, 3, 5, 8, 13, 21, 34. The Fib levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, next added to the second & so on.

The Fibonacci time zones are shown below, at these time lines crude price changes are likely to occur based on analysis of Fibo time zones:

Fibonacci Time Zones on MT4 Platform

Oil Fib Fan

The Fibonacci fan is drawn between 2 chart points and then 3 additional lines below the trend are plotted as the fans, these are 38.20 %, 50.00% & 61.8% Fibo retracement levels. The crude trading price is likely to bounce and continue in the original direction after crude price retraces to any of these fan lines.

The Fibonacci Fan Lines are drawn as shown and illustrated below:

Fibonacci Fans on MT4 Platform

Oil Fib Arcs

Fib arcs are plotted using 2 chart points, arcs are then drawn as shown and illustrated below and these arcs represent 38.2%, 50.0% & 61.8% Fib retracement levels.

Fibonacci Arcs Representing Crude Oil Fib Retracement Zones on a Oil Chart

Oil Fib Expansion

The Fibo 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% & 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Oil Fib Extension Levels or Fib Projection Levels by some traders & these Oil Fib Extension levels are drawn as shown and illustrated below. Tutorial: How to Draw Fibonacci Expansions:

How to draw Fibonacci Lines & other Fibonacci studies like Oil Fib Expansion and Retracement on MT4 Platform