Trade Forex Trading

Setting up Fib Expansion on MT4 and Changing its Settings

The steps below show how to add 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 tool) then locate the "MT4 Line Studies Tool-bar" shown & displayed below & follow the steps discussed 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 in MetaTrader 4

Choose the expansion tool from the pop up window which will then appear >>> Click Insert button key >>> Click Close. (Shown Below)

4. Fibonacci Expansion Indicator Added

Short Cut of How to Add

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

1. Click "Insert Menu"

2. Click Fibo
3. Click Expansion

Steps on How to Draw Expansion

Steps. Once you've added this button key, you can draw this tool by choosing it & drawing it on a chart. The 3 points will be marked 1, 2 & 3, select the Fibo indicator, add the tool on point 1 & while still holding down the mouse pointer button drag the mouse upward to point highlighted 2.

How to Shift This Indicator on a Trading 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. The Three points are identified 1, 2 and 3 & these are used to change the indicator settings after this Fib tool has been placed on a chart.

To change the indicator 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 shift and fit the Fib tool accordingly to your trading chart (just click on a point you want & move it).