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 & how to change its settings.
How to Add This Tool on MetaTrader 4
Steps: This tool isn't shown by default on MetaTrader 4 settings, if the button doesn't appear on your MT4 software, (no need for you to download this indicator) then find 'MT4 Line Studies Toolbar' shown below and follow the steps below:
1. MT4 Line Studies Tool Bar
2. Customize Line Studies Tool bar
Right-click Customize button (illustrated and displayed below) >>> A dropdown menu appears, Select Customize >>>
3. Place This Tool on MetaTrader 4
Choose the expansion tool from the pop up window that will then appear >>> Click Insert button >>> Click Close. (Shown Below)
4. Fib Expansion Tool Added
Short Cut of How to Add
You can also use this short cut instead of the above technique, do this:
- Click "Insert Menu"
- Click Fibonacci
- Click Expansion
Steps on How to Draw Expansion
Steps. Once you have added this button, you can draw this tool by selecting it & drawing it on a stock indices chart. The Three points will be marked 1, 2 and 3, select the Fibo indicator, place the indicator on point 1 & while still holding down the mouse button drag the mouse up to point marked 2.
How to Adjust This Tool on a Chart
Steps. Once you have drawn this indicator, you may need to move one point or another to the exact position where you precisely want. These 3 points are marked 1, 2 and 3 & these are used to change the settings after this indicator has been drawn on a Indices chart.
To change the settings: do this, double-click the indicator, it pops up as dotted lines (shown above), three cursor points appear that are marked 1 2 3, you can then use these 3 points to adjust & fit the indicator accordingly to your chart (just click on the point you want & move it).
