Setting up Oil Fib 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 MetaTrader 4
Steps: This tool isn't shown by default on MetaTrader 4 settings, if the button doesn't appear on your MetaTrader 4 software, (no need for you to download this indicator) then find 'MT4 Line Studies Toolbar' shown & displayed below and follow steps below:
1. MetaTrader 4 Line Studies ToolBar
2. Customize Line Studies Toolbar
Right click Customize button key (illustrated below) >>> A dropdown menu appears, Select Customize >>>
3. Place This Tool on MT4
Choose the expansion tool from the pop up panel which will then appear >>> Click Insert button >>> Click Close. (Shown Below)
4. Oil Fibo Expansion Tool Added
Short Cut of How to Add
You can also use this short cut instead of the above method, do this:
- Click "Insert Menu"
- Click Fibo
- Click Expansion
Steps on How to Draw Expansion
Steps. Once you have added this button, you can draw this tool by choosing it and drawing it on a crude oil chart. The Three points will be marked 1, 2 & 3, select the Fibonacci indicator, place the indicator on point 1 & while still holding down the mouse button key 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 and these are used to change the settings after this indicator has been drawn on a Oil Trading chart.
To change the settings: do this, double-click the indicator, it pops up as dotted lines (shown above), 3 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).
