How to Draw Fibo Extension Levels on MetaTrader 5

The steps below show how to place Fibo Expansion areas on MT5 & how to change its settings. This tutorial also explains how to trade ##BitcoinBTCUSD using this Fib Expansion tool.

How to Add This Fib Extension Levels Tool on MetaTrader 5

Steps: This Fib Expansion tool is not displayed by default in MetaTrader 5 default settings, if the button does not appear on your MetaTrader 5, (no need to download this tool) then locate the "MetaTrader 5 Line Studies Toolbar" shown below and follow the steps discussed below:

MT5 Line Studies ToolBar

MT5 Line Studies ToolBar - Bitcoin Software

Customize Line Studies Tool-Bar

Right click the Customize button (illustrated below) >>> A drop-down menu appears, Select Customize >>>

Customize Line Studies Toolbar MetaTrader 5 Software

Place This Tool on MetaTrader 5

Select the expansion tool from the popup window that will then appear >>> Click Insert button >>> Click Close. (Shown Below)

Place Fibo Expansion Tool on MT5

Fib Expansion Indicator Tool Added

Fib Extension Levels Tool Added to MetaTrader 5

Shortcut of How to Add Fib Expansion Tool

You can also use this shortcut instead of the above method, do this:Click "Insert Menu"Click ObjectsClick FibonacciClick Bitcoin Fib Expansion

Steps on How to Draw Fibo Extension Levels on MT5

Steps: Once you have added this Fibonacci expansion button, you can draw this Fib Expansion tool by selecting it and drawing it on a Bitcoin price chart. The 3 chart points will be marked 1, 2 and 3, select the Fibo Expansion indicator, place the indicator on chart point 1 and while still holding down the mouse button drag the mouse upward to chart point marked 2.

How to Draw Fibo Expansion Areas on a Bitcoin Price Chart

How to Adjust Fibo Expansion Tool on a Bitcoin Chart

Steps: Once you have drawn this Fibonacci expansion indicator, you might need to move one chart point or another to the precise position where you precisely want. These 3 chart points are marked 1, 2 and 3 and these are used to change the settings after this Fibonacci expansion indicator has been drawn on a Bitcoin price chart.

To change the Fibo Expansion settings: do this, double click the indicator, it appears as dotted lines (shown and illustrated above), 3 cursor points will show which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your BTCUSD Crypto Currency price chart (just click the point you want to move each Fib Expansion point to).