How to Draw Fibo Retracement Areas on MetaTrader 4

MT4 Line Studies Tool Bar

To calculate these bitcoin trading price pullbacks on the chart for example the MetaTrader 4 we use Fibo retracement areas tool as depicted on the shot below.

If you want to examine some charts using this Fib retracement line studies tool, it is already provided for in the MetaTrader 4 software, the following procedure is used to add this Fibonacci retracement tool on the MT4 Software. On the MT4 platform this fibonacci retracement tool will automatically draw the retracement levels on a chart once it's placed on the Bitcoin chart.

To add this fibonacci retracement technical indicator tool in the MetaTrader 4 software, you can use the following short-cut technique:

1. Press Insert 2. Click Fibonacci 3. Click Retracement

After adding this fibonacci retracement tool on the MT4 platform this fibonacci retracement technical tool can then be accessed from 'MetaTrader 4 Line Studies Tool-Bar' as shown below.

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

Shown Below is an example of the Fibonacci retracement technical indicator, we always draw the fibonacci retracement technical indicator between two chart points, point 1 and point 2, in direction of the bitcoin trend as illustrated below.

How to Place Fibo Retracement on a Bitcoin Chart

To Place this fibonacci retracement tool on a trading chart, press on the button shown above on the MT4 software. Then choose 2 chart points, the first point is where the bitcoin trend starts and the second point is where the bitcoin trend pull-back is starting.

Learn More Topics & Lessons:

• How to Use Trade Sell Limit Order on Platform Software
• How to Generate Signals to Trade BTC USD Described
• How Do I Draw Fibo Extension in MetaTrader 4 BTCUSD Charts?
• Chandes Momentum Oscillator BTCUSD Trading Indicator Analysis in BTC USD
• List of BTC USD Trade Setups used to Trade the BTC USD Market
• Used Margin Trade vs Free Margin in BTC USD Trade
• What's a Shooting Star Candles?
• MetaTrader 5 Trading Platform Insert Andrew's Pitchfork, Charts Cycle Lines, Bitcoin Chart Text Label in MetaTrader 5 Platform
• Elliott Wave Pattern in BTC USD Chart Trend
• How Do I Analyze Different Types of Divergence Trade Signal?