Configure Fibonacci tools (Retracement and Extension) in MetaTrader4 – tutorial
As you know, I use few technical indicators, but the main are Fibonacci Retracement and Extension levels. It is already built in MT4, but you have to configure it so you can use most popular Retracement and Extension levels at one time. Here is how to do it step by step.
1. Where can you find Fibonacci Retracement in MetaTrader4?
Go to top bar and find Fibonacci Retracement icon:
Or you can go to the top menu and select Insert -> Fibonacci -> Retracement:
2. How to change Fibonacci retracement and extension levels?
When you have selected Fibonacci tool described in point 1., draw it on a chart. Now, double click on the line that goes from 0 to 100%:
And click mouse right button. Next, select Fibo properties:
3. Fibonacci retracement and extension levels list
In Fibo properties, go to the second tab. You will find there a table with two columns: Level and Description:
Probably you will see some default values. You can edit fields and add new ones. Correct the list in the second tab so it look like list below:
These are levels that I use in my daily trading. Sure, you can customize this list so it fit your trading style. You can add levels like 261.8, 150 etc. In my experience, you are good to go with the list I provided above: