How to Draw Fibonacci Retracement Areas on MetaTrader 5

To calculate these price pullbacks on the Bitcoin price chart for example on the MetaTrader 5 platform we use Fibo retracement areas indicator tool as shown on the shot below.

If you want to examine some Bitcoin price charts using this Fibonacci retracement tool, it is already provided for in the MT5 platform, the following process is used to find this indicator on the MetaTrader 5 Platform. On the MT5 this Fibonacci retracement indicator will then automatically draw the Fibo retracement areas on a Bitcoin price chart - once this indicator is placed on the Bitcoin BTCUSD chart.

To add this tool on the MetaTrader 5 software, you can use the following short cut method:

• Click Insert
• Click Objects
• Click Fibonacci
• Click Fibonacci Retracement

Place Fibo Retracement on MetaTrader 5

After adding this Fibonacci retracement areas tool on the MetaTrader 5 platform - this indicator tool can then be accessed from "MetaTrader 5 Line Studies Tool Bar" as shown below.

Fibo Retracement Tool - MT5 Bitcoin Software

This Fibonacci retracement indicator is located on MT5 ("Line Studies Toolbar"), to go to this toolbar click "View" button key at top left corner of MetaTrader 5 next to "file", then select and click "Toolbars", Then Check "Line Studies". You can study how to use Fibo retracement tool on the MetaTrader 5 platform using a demo practice account.

Shown Below is an illustration of the Fibonacci retracement indicator, we always plot this indicator between two points, point 1 and point 2, in direction of the Bitcoin price trend as shown below.

Bitcoin Fibo Retracement Zones

How to Draw Fib Retracement Levels between Two Points

How to Place Fibo Retracement on a Bitcoin Price Chart

To Place this Bitcoin Fibo Retracement Levels tool on a Bitcoin price chart, click on the button shown above on the MetaTrader 5 platform. Then select two chart points, the first chart point is where the trend starts and the second chart point is where the trend pullback starts.

To adjust this indicator just double click on it and "adjust points" will appear on the point 1 and 2 - shown as small squares, click and hold your mouse button to move these points to where you want them to be placed exactly. You can practice using this Bitcoin Fibo Retracement Levels tool by using a practice Bitcoin trading account.