Placing Fibonacci Lines on MT4
The fifth option on the MT4 crude oil trading platform insert menu is Fib Lines. The Fib Lines Button has the following submenu button keys shown below:
Fibonacci Crude Oil on MetaTrader 4
Fib Lines
- Crude Oil Trading Fibonacci Retracement
- Crude Oil Trading Fibonacci Time Zones
- Crude Oil Trading Fibonacci Fan
- Crude Oil Trading Fibonacci Arcs
- Crude Oil Trading Fibonacci Expansion
Crude Oil Trading Fibo Retracement
The Fibo retracement can be placed on the a Oil Trading chart from the Fibonacci retracement button key. Fibonacci retracement is used to estimate where a oil price retracement is likely to reach. The Fibo retracement levels are drawn as shown below. To learn how to draw & use Oil Trading Fib Retracement Levels read the course: How to draw Oil Trading Fibo Retracement Levels:
Oil Fibo Retracement Levels Drawn on a Oil Trading Chart on The MT4 Oil Trading Software
Crude Oil Trading Fibonacci Time Zones
The Fibonacci time zones are Fibonacci lines drawn at different Fibonacci timelines, these Fibonacci time zones are calculated using Fibonacci points 1, 2, 3, 5, 8, 13, 21, 34. The Fib areas are 1+2=3, 2+3=5, 3+5=8, first number add to the next, next added to the second & so on.
The Fibonacci time zones are shown below, at these time lines crude oil price changes are likely to occur based on technical analysis of Fibonacci time zones:
Fib Time Zones on MT4
Crude Oil Trading Fibonacci Fan
The Fib fan is drawn between 2 chart points & then 3 additional lines below the oil trend are drawn as the fans, these are 38.20%, 50.0% & 61.8% Fibo retracement levels. The crude oil price is likely to bounce and continue in the original direction after crude oil price retraces to any of these fan lines.
The Fib Fan Lines are drawn as shown below:
Fibonacci Fans in MetaTrader 4
Crude Oil Trading Fibonacci Arcs
Fibonacci arcs are drawn using two chart points, the arcs are then drawn as shown below and these arcs represent 38.2%, 50.0% & 61.8% Fibo retracement levels.
Fibo Arcs Representing Oil Fibonacci Retracement Zones on a Oil Trading Chart
Crude Oil Trading Fibonacci Expansion
The Fibonacci expansion is used to determine most probable level at which traders should set their take profit levels based on Fibonacci expansion level 61.8% and 100.0% expansion levels. The Fibo expansion levels are also referred to as Oil Trading Fibo Extension Levels or Fibo Projection Levels by some traders and these Oil Trading Fibo Extension levels are plotted as shown below. Tutorial: How to Draw Oil Trading Fib Expansion Levels:
How to draw Fibo Lines and other Fibo studies like Oil Trading Fibonacci Expansion and Retracement in MT4
