How to Draw Fibonacci Retracement Areas on MetaTrader 4

MT4 Line Studies Tool Bar

To calculate these bitcoin trading price pullbacks on the cryptocurrency chart for example the MT4 we use Fibonacci retracement levels tool/indicator as shown on the image below.

If you want to analyze some crypto charts using this Fibonacci retracement line studies tool, it is already provided for in the MT4 platform, 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 cryptocurrency chart once it is 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. Click Insert 2. Click Fibonacci 3. Click Retracement

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

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

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

How to Place Fibonacci Retracement on a Bitcoin Chart

To Place this fibonacci retracement tool on a crypto chart, click on the button shown above on the MT4 software. Then select 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.