How to set up Fibonacci retracement levels in MetaTrader4 (MT4)


This tutorial shows you how to set up and customise Fibonacci retracement levels in MetaTrader 4.

After reading this MetaTrader 4 tutorial, you will be able to:

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How to add the Fibonacci retracement indicator and set its parameters

number_1 Click Insert and move your mouse over Fibonacci
number_2 Click Retracement

MT4 Add Fibonacci Levels

number_3 Click and hold where you want the Fibonacci to start
number_4 Move the mouse and when you have placed the the Fibonacci, release the mouse

MT4 Fibonacci Levels

How to customise the Fibonacci parameters

To customise the Fibonacci retracement indicator levels:

number_1 Right-click anywhere on the chart area
number_2 Click on Objects List

MT4 Fibo Objects List

number_3 Select Fibo
number_4 Click on Edit

MT4 Fibonacci Edit

Once you have completed the steps above, the parameters menu will appear.

MT4 Fibonacci Settings

When specifying many new Fibonacci levels, it is sometimes easier to delete all existing levels offered by default in MetaTrader 4. To do this, follow the steps below:

number_1 Go to the Fibo Levels tab
number_2 Select the level you want to delete
number_3 Click on Delete

Repeat these steps for every single standard Fibonacci level offered by default in your platform.

MT4 Deleting Fibo Levels

Once you have deleted all the default levels, choose whichever of the following levels are most useful to you:

Common:
Level:Description:
00.0 -%$
0.14614.6 -%$
0.23623.6 -%$
0.38238.2 -%$
0.550.0 -%$
0.61861.8 -%$
0.78678.6 -%$
0.94294.2 -%$
1.0100 -%$
-0.27127.0 -%$
-0.382138.2 -%$
-0.618161.8 -%$
-1.0200 -%$
-1.618261.8 -%$
-3.236423.6 -%$

(-%$ puts the actual price on the Fibonacci levels. )

To enter these new levels, follow the steps below:

number_1 Click Add
number_2 Enter the relevant level

MT4 Entering Fibonacci Levels

number_3 Double-click on the description line, enter the relevant description and press the Enter key on your keyboard

MT4 Add new Fibo level

number_4 After you have repeated steps number_1number_3 for all levels you want click OK.

MT4 Entered Levels
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How to delete the Fibonacci retracement indicator

To delete the Fibonacci retracement indicator, follow the steps below:

number_1 Right-click anywhere on the chart area
number_2 Click on Objects List

MT4 Fibo Objects List

number_3 Select Fibo
number_4 Click on Delete

MT4 Deleting Fibonacci

As shown above, the Fibonacci retracement indicator will now disappear from your chart.

MT4 Deleted Fibo
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