Placing Fibonacci Lines on MetaTrader 4
The fifth option on the MT4 software insert menu is Fibonacci Lines. Fibonacci Lines Button Key has the following submenu buttons shown below:
Fibonacci Cryptocurrency on MT4
Fibonacci Lines
- BTCUSD Trading Fib Retracement
- BTCUSD Trading Fib Time Zones
- BTCUSD Trading Fib Fan
- BTCUSD Trading Fib Arcs
- BTCUSD Trading Fib Expansion
BTCUSD Trading Fib Retracement
The Fibonacci retracement can be placed on the a Bitcoin chart from the Fibonacci retracement button. Fib retracement is used to estimate where a bitcoin trading price retracement is likely to reach. The Fibonacci retracement levels are drawn as illustrated and shown below. To learn how to draw & use Fibonacci Retracement Levels read the tutorial: How to draw Fibonacci Retracement Levels:
Fibonacci Retracement Levels Drawn on a Bitcoin Chart on the MT4 Platform
BTCUSD Trading Fib Time Zones
The Fibonacci time zones are Fibo lines drawn at different Fib timelines, these Fibonacci time zones are calculated using the Fibo points 1, 2, 3, 5, 8, 13, 21, 34. The Fibonacci levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, the next added to the second and so on.
The Fibonacci time zones are shown below, at these time lines price changes are likely to occur based on technical analysis of Fibo time zones:
Fibonacci Time Zones on MetaTrader 4
BTCUSD Trading Fib Fan
The Fibonacci fan is drawn between two chart points and then three additional lines below the bitcoin trend are drawn as the fans, these are 38.2%, 50.00% & 61.80% Fibo retracement levels. Bitcoin trading price is likely to bounce & continue in the original direction after price retraces to any of these fan lines.
The Fibo Fan Lines are drawn as illustrated & shown below:
Fibonacci Fans on MT4
BTCUSD Trading Fibonacci Arcs
Fib arcs are drawn using two chart points, the arcs are then drawn as illustrated and shown below & these arcs represent 38.2%, 50.0% & 61.8% Fib retracement levels.
Fibonacci Arcs Representing Fibonacci Retracement Zones on a Bitcoin Chart
Bitcoin Trading Fibonacci Expansion
The Fibonacci expansion is used to determine the most probable level at which traders should set their take profit levels based on Fibo expansion level 61.8% & 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Fibonacci Extension Levels or Fibonacci Projection Levels by some traders & these Fibonacci Extension areas are plotted as shown below. Tutorial: How to Draw Fibonacci Expansion Levels:
How to draw Fib Lines and other Fib studies like Fibonacci Expansion and Retracement on MT4
