How to Draw Fibonacci Retracement Areas on MetaTrader 5
To calculate these price pullbacks on the Bitcoin price chart for example on the MetaTrader 5 platform we use Fibonacci retracement levels tool/indicator as shown on the image below.
If you want to analyze some Bitcoin price charts using this Fibonacci retracement tool, it is already provided for in the MT5 platform, the following procedure is used to add this tool on the MetaTrader 5 Software. On the MT5 this Fibonacci retracement tool will automatically draw the retracement levels on a Bitcoin price chart - once this indicator is placed on the Bitcoin BTCUSD chart.
To add this tool on the MetaTrader 5 software, you can use the following shortcut method:
- Click Insert
- Click Objects
- Click Fibonacci
- Click Fibonacci Retracement
Place Fibonacci Retracement on MetaTrader 5
After adding this Fibonacci retracement levels tool on the MetaTrader 5 platform - this indicator can then be accessed from "MetaTrader 5 Line Studies Tool Bar" as shown below.
Fibonacci Retracement Tool - MT5 Bitcoin Software
This Fibonacci retracement tool is located on MT5 ("Line Studies Toolbar"), to go to this toolbar click "View" button key at top left corner of MetaTrader 5 next to "file", then select and click "Toolbars", Then Check "Line Studies". You can learn how to use Fibonacci retracement tool on the MetaTrader 5 platform using a demo trading practice account.
Shown Below is an illustration of the Fibonacci retracement tool, we always plot this indicator between two points, point 1 and point 2, in direction of the Bitcoin price trend as shown below.
Bitcoin Fibonacci Retracement Zones
How to Draw Fib Retracement Levels between Two Points
How to Place Fibonacci Retracement on a Bitcoin Price Chart
To Place this Bitcoin Trading Fibonacci Retracement Levels tool on a Bitcoin price chart, click on the button shown above on the MetaTrader 5 platform. Then select 2 chart points, the first point is where the trend starts and the second point is where the trend pullback starts.
To adjust this indicator just double click on it and "adjust points" will appear on the point 1 and 2 - shown as small squares, click and hold your mouse button to move these points to where you want them to be placed exactly. You can practice using this Bitcoin Trading Fibonacci Retracement Levels tool by using a practice Bitcoin trading account.
