Trade Stock Indices

Setting up Fibonacci Expansion on MetaTrader 4 and Changing its Settings

The steps below explain how to draw these levels, how to use this tool and how to change its settings.

How to Add This Tool on Meta Trader 4

Steps: This tool isn't displayed and shown by default on MT4 settings, if the button does not appear on your MT4 software, (no need for you to download this indicator tool) then find 'MT4 Line Studies Tool Bar' shown below and follow the steps highlighted below:

1. MetaTrader 4 Line Studies Tool Bar

Line Studies Toolbar on the MT4 - Drawing Fibonacci Expansion in Stock MetaTrader 4 Charts in MT4

2. Customize Line Studies Tool Bar

Right Click the Customize button (illustrated & shown & displayed below) >>> A drop down menu appears, Select & Choose Customize >>>

Customize Line Studies Tool Bar on MT4 Platform Software - Drawing Fib Expansion in MT4 Charts in MT4

3. Add This Tool in Meta Trader 4

Choose/Select the expansion tool from the popup panel window that then will appear >>> Click Insert button >>> Click Close. (Shown Below)

Adding Fib Expansions Tool in the MT4 Software - Drawing Fib Expansion in MT4 Charts on MT4

4. Fibo Expansion Tool Added

Fibonacci Expansion Tool Added to MT4 - Setting up Fib Expansions on MT4

Short Cut of How to Add

You also can use this short cut instead of the above technique, do this:

  1. Click "Insert Menu"

  2. Click Fib
  3. Press Extension

Short Cut of How Do I Place Fibo Expansion Tool on MT4 Platform Software? - Setting up Fib Expansions in MT4

Steps on How to Draw Expansion

Steps. Once you as a trader have added this button, you as a trader can draw this technical indicator tool by selecting it & drawing it on a chart. The 3 points will be labeled 1, 2 & 3, choose the Fibo indicator, add the tool on chart point 1 & while holding down on the mouse button drag the mouse up to chart point tagged 2.

Setting up Fibonacci Expansions on MT4

How to Shift This Tool on a Chart

Steps. Once you as a trader have drawn this indicator, you may need to move one chart point or another to the precise position and point where you precisely want. These 3 chart points are labeled 1, 2 & 3 and these are used to change the indicator settings after this Fibonacci indicator has been placed on a chart.

To change the indicator settings: do this, double-click the trading indicator, it pops up as dotted lines (shown above), 3 cursor points appear that are labeled 1 2 3, you as a trader can then use these 3 points to adjust & fit the indicator accordingly to your chart (just click on the point you want and move it).

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