Hi good traders could anyone point me in the right direction to download the fibonacci extension tool please.
KENDY.
generally its built into the platform; which one are you using?
It is provided in al MT4 platforms by default. It can be seen near icons of horizontal lines, trend lines, equidistant channels etc.
Which one are you using???
It’s on the MT4 platform mate. Check “Instert” section for fiboncci tools. But there are some other automated fib levels drawing indicators/EA. May be I can help. Let me know.
Thanks folks I got the expansion and I am trying to understand it!!
I am using the mt4 platform and will be glad of any ideas.
Generally, you want to use the Fibonacci Retracement tool. If price is bullish, you drag it from a recent swing low to swing high and then that gives you an idea of where price might retrace to before it continues going up. Vice versa if looking to get in short
To repeat and add:
There is the fib retracement and in extension. The retracement shows more levels than the extension generally, and is made with 2 points while the extension is made with 3. The retracement has 23, 38, 50, 61, 100, 161 and 261 (roughly) you can add on levels by right clicking a fib and looking into its properties.
When you’re using a retracement fib, you want the projections (the numbers higher than 100) to be in the direction of the swing. So if the swing is bullish, you want the 161 and 261 to be above the swing.
The extension tool is similar, but requires a third point to make the projection. One at the swing low, one at the swing high, and the last one at the second swing low (abc pattern)
Thanks guys good piece of information.
Thank you folks I have a better understanding now. I am a newbie and I am grateful for the help.