If you use Fibonacci Retracements a lot, this tutorial may just be for you. In a previous post, I showed you how to do this with a few screen shots and some written instructions.
Since then, I have become significantly more sophisticated (cough, cough) and I thought that I would do a video for you because that may be easier to understand for some people.
I know I like to see things in action myself. Anyway, this is what it can do for you…
Sometimes when you “pull a Fib,” you still have to go back with the crosshair to see what the exact price of a certain Fib line is. For example in this picture, I labeled the 38.2 retracement with the price level of 1.53686.
You may not want to do this with every Fib line because it might clutter up the charts, but being able to see the actual price of key Fib levels at a glance can be a huge time saver. This is especially true when you are in the middle of a trade and may not have the time to check the Fib levels on several different currency pairs.
Therefore, I created a quick video on how to do this. It is very simple once you know what to do. I guess that goes for a lot of things huh?
If you have any other Metatrader questions that you would like answered, feel free to leave a comment below and I will create a video on how to do it.
Hope you are trading well!
Hugh
I have two demo accounts from two different brokers on the same computer. I was under the impression that Tools>Options>Charts>Show trade levels (checked) is all that is needed for showing the buy or sell dashed line of my trade. Right click>Properties>colors (yellow) shows my buy or sell line on only one of the demos. The other demo shows no buy or sell line no matter what I try. What am I overlooking?
Thanks
Andrew
Hi Hugh,
Thanks for the useful video, my “fibo’s” are now telling me more 😉
I see you have a nice sessions indicator in its own window below your chart, where can I get this too?
Many Thanks,
SI
Hi Si,
That one is actually not so reliable. I prefer this one:
http://trading.adamjowett.com/market-sessions-metatrader-indicator/
Hope that helps!
Hugh
Hi
If I use Fib on MT4 some of the levels do not show on the screen. I havetried full screen view but if the candles are too high or low on the screen I cannot see the 161.8% level? Hope you understand and can help me. Fairly new to trading.
Thanks.
Hi Henry,
I think I know what you mean. Try to click and drag down on the price levels on the right of the screen. This will compact the vertical axis of the screen and allow you to see the Fibo extensions.
Hope that helps,
Hugh
Hi
Is it possible to have the currency price (for that level) together with the level value coming up on the chart when you draw a Fib?
Thanks
Huco
Hi Huco,
I’m not sure if I understand you correctly, but I think that is what I demonstrate in the video. For example, to show the 50% Fib retracement, you would enter:
50 @ %$
“50” is the retracement level of 50% and “%$” shows the actual price of that line. Now, every time you draw a Fibo, the levels that you updated will show the price and Fibo level automatically.
If you have any questions, please feel free to ask.
Cheers,
Hugh