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
- Click Insert and move your mouse over Fibonacci
- Click Retracement
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/4e73ce4ec636435bbfaf799ad2f5d1dd.png)
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
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/8baa0e07c8e0415f8abfaf7cb6a6a0c1.png)
How to customise the Fibonacci parameters
To customise the Fibonacci retracement indicator levels:
- Right-click anywhere on the chart area
- Click on Objects List
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/dfde4d79c9d3420d8165158e53bbd93a.png)
3. Select Fibo
4. Click on Edit
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/a6a20f0ebbd448e682a15ffceb7f1582.png)
Once you have completed the steps above, the parameters menu will appear.
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/dcf21ad01f1f4e94b647194baa208d62.png)
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:
- Go to the Fibo Levels tab
- Select the level you want to delete
- Click on Delete
Repeat these steps for every single standard Fibonacci level offered by default in your platform.
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/472f3e5822484d338b55f84e820354f7.png)
Once you have deleted all the default levels, choose whichever of the following levels are most useful to you:
Common:
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/590a7a2ae2744b958a691b3ec468fdec.PNG)
(-%$ puts the actual price on the Fibonacci levels. )
To enter these new levels, follow the steps below:
- Click Add
- Enter the relevant level
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/d491b79d718143e89a2968f8af96ce4b.png)
3. Double-click on the description line, enter the relevant description and press the Enter key on your keyboard
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/6a0178e438cc4284a002e2cf0ea73ae7.png)
4. After you have repeated steps number 1–3 for all levels you want click OK.
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/a9dfde4c5002485ba3c2c8ee70be51a5.png)
How to delete the Fibonacci retracement indicator
To delete the Fibonacci retracement indicator, follow the steps below:
- Right-click anywhere on the chart area
- Click on Objects List
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/26045ca613b346ec80fe02b25c9904ef.png)
3. Select Fibo
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/44dc42bf1c664772965e699b277a0be2.png)
As shown above, the Fibonacci retracement indicator will now disappear from your chart.
![](https://d364wuh8hyfjvy.cloudfront.net/public/images/0ce45d7212e34a84a081b155582ebf52.gif)