How to Draw Fibonacci Retracement Areas on MetaTrader 4

MT4 Line Studies Tool Bar

To calculate these stocks price pullbacks on the stock chart for example the MT4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

If you want to analyze some stocks charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 platform, the following procedure is used to add this Fibonacci retracement tool on the MT4 Software. On The MT4 stock platform this fibonacci retracement tool will automatically draw the retracement levels on a stocks chart once it is placed on the Stocks chart.

To add this fibonacci retracement technical indicator tool on the MT4 platform, you can use the following shortcut method:

1. Click Insert 2. Click Fib 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement technical indicator can then be accessed from 'MT4 Line Studies Tool Bar' as displayed below.

This fibonacci retracement tool is located on MT4 (Line Studies Toolbar), to go to this MT4 Line Studies tool bar click 'View' button at top left corner of MT4 next to file, then click 'Toolbars', Then Check 'Line Studies'. You can learn how to use MetaTrader 4 Line Studies Tool Bar on the MT4 platform using a demo practice account.

Below is example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between 2 chart points, point 1 and point 2, in direction of the trend as displayed below.

How to Place Fibonacci Retracement on a Stocks Chart

To Place this fibonacci retracement tool on a stocks chart, click on the button shown above on the MT4 software. Then select 2 chart points, the first point is where the stocks trend starts and the second point is where the stocks trend pull back is starting.