Setting up Fib Expansion on MT4 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 MT4
Steps: This tool isn't displayed by default on MT4 settings, if the button key is not shown on your MT4 platform, (no need to download this indicator) then locate the "MT4 Line Studies Tool-bar" shown & displayed below & follow the steps below:
1. MetaTrader 4 Line Studies Tool-Bar
2. Customize Line Studies Tool bar
Right click the Customize button key (shown and illustrated below) >>> A drop-down menu appears, Select Customize >>>
3. Place This Tool on MT4
Choose the expansion tool from the pop up window which will then appear >>> Click Insert button key >>> Click Close. (Shown Below)
4. Fibonacci 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 Fibo
- Click Expansion
Steps on How to Draw Expansion
Steps. Once you have added this button key, you can draw this tool by choosing it & drawing it on a stock indices chart. The 3 points will be marked 1, 2 & 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've 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), 3 cursor points appear which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your chart (just click on the point you want & move it).
