How to Draw Fibonacci Retracement Levels on MetaTrader 4 Stock Trading Platform
MetaTrader 4 Line Studies Tool Bar - Fibonacci Retracement Indicator
To calculate these stock price pullbacks on the stock trading chart for example the MetaTrader 4 we use Fibonacci retracement levels tool/indicator as shown on the image below.
If you want to analyze some stock trading charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 stock trading platform, the following procedure is used to add this Fibonacci retracement tool on the MetaTrader 4 Stock Trading Software. On The MT4 stock trading platform this fibonacci retracement tool will automatically draw the retracement levels on a stock trading chart once it is placed on the Stock chart.
To add this fibonacci retracement indicator tool on the MetaTrader 4 stock trading platform, you can use the following shortcut method:
1. Click Insert
2. Click Fibonacci
3. Click Retracement
After adding this fibonacci retracement tool on the MT4 stock trading platform this fibonacci retracement stock trading indicator can then be accessed from "MetaTrader 4 Line Studies Tool Bar" as shown below.
This fibonacci retracement tool is located on MetaTrader 4 (Line Studies Toolbar), to go to this MetaTrader 4 Line Studies tool bar click "View" at the top left corner of MetaTrader 4 next to file, then click "Toolbars", Then Check "Line Studies". You can learn how to use MetaTrader 4 Line Studies Tool Bar on the MetaTrader 4 stock trading platform using a demo practice account.
Below is an example of the Fibonacci retracement tool, we always draw the fibonacci retracement indicator between two chart points, point 1 and point 2, in the direction of the stock trading trend as shown below.
How To Place Fibonacci Retracement on a Stock Trading Chart
To Place this fibonacci retracement tool on a stock trading chart, click on the button shown above on the MetaTrader 4 stock trading software. Then select 2 chart points, the first point is where the stock trading trend starts and the second point is where the stock trading trend pull back is starting.