We recorded a YouTube video that shows how to use the Metatrader Fibonacci drawing tool. It covers how to adjust the input values for retracements and how to add custom extensions, like 1.618. We aren’t going to discuss the whys of Fibonacci or the numbers themselves. The goal of this blog post is simply to show how my tool price levels are selected and entered as inputs.
Here are the values I use for my drawing tool. Because I have both extensions and reverse extensions, the positive and negative values can be a bit confusing. Don’t worry. Just enter these values in the input table and see what happens.
Right click on the Fibonacci tool to select it. Choose Fibo Properties and the input screen will appear. There will already be some default values listed. You may wish to delete a couple, like the 27.2. Then add the additional input numbers and descriptions.
Here are the basic thrust and retracement positions.
Value — 1 Description — Zero
In the next open spots, keep the Values — .382 .50 .681
Value — 0 Description — 100
Once this is finalized….
Add the Reversals: 1.27 1.618 2
And the Extension Values: -0.27 -.618 -1
Finally, if you want to add the specific price to each line, after the description
just add a space and the characters: %$.
That’s it….. There is a link to the video below.
