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How to set up Fibonacci retracement levels in MetaTrader 4

This tutorial shows you how to set up and customise Fibonacci retracement levels in MetaTrader 4.

After reading this MetaTrader 4 tutorial, you will be able to:

  • Add Fibonacci retracement levels and customise the indicator's parameters
  • Remove Fibonacci retracement levels

How to add the Fibonacci retracement indicator and set its parameters

  1. Click Insert and move your mouse over Fibonacci
  2. Click Retracement

3. Click and hold where you want the Fibonacci to start

4. Move the mouse and when you have placed the the Fibonacci, release the mouse

How to customise the Fibonacci parameters

To customise the Fibonacci retracement indicator levels:

  1. Right-click anywhere on the chart area
  2. Click on Objects List

3. Select Fibo

4. Click on Edit

Once you have completed the steps above, the parameters menu will appear.

When specifying many new Fibonacci levels, it is sometimes easier to delete all existing levels offered by default in MetaTrader 4. To do this, follow the steps below:

  1. Go to the Fibo Levels tab
  2. Select the level you want to delete
  3. Click on Delete

Repeat these steps for every single standard Fibonacci level offered by default in your platform.

Once you have deleted all the default levels, choose whichever of the following levels are most useful to you:

Common:

 

(-%$ puts the actual price on the Fibonacci levels. )

To enter these new levels, follow the steps below:

  1. Click Add
  2. Enter the relevant level

3. Double-click on the description line, enter the relevant description and press the Enter key on your keyboard

4. After you have repeated steps number 13 for all levels you want click OK.

How to delete the Fibonacci retracement indicator

To delete the Fibonacci retracement indicator, follow the steps below:

  1. Right-click anywhere on the chart area
  2. Click on Objects List

3. Select Fibo

4. Click on Delete

As shown above, the Fibonacci retracement indicator will now disappear from your chart.