Fibonacci Extension Levels

Hi,

I have read about Fibonacci Retracement Levels and Fibonacci Extension Levels fibonacci.

Very interesting.

But my question is where can i found “Fibonacci Extension Levels” in Metatrader?

In book from babypips they said

[B]Most charting software[/B] includes both Fibonacci retracement levels and [B]extension level tools[/B]. In order to apply Fibonacci levels to your charts, you�ll need to identify Swing High and Swing Low points.

But honestly i can’t found anything in Metatrader.

Have a read throught this thread, 301 Moved Permanently

Hi, in MT4 it’s called “Fibonacci Expansion”…

:slight_smile:

What he explains in that thread is not what is written in lesson from babypips, it is not the same.

So could anyone answer this?

[B]A Fibonacci Expansion is not the same as an Extension.[/B][B] To add an Extension, clilck on Fibonacci Retracement and just add whatever extensions you would like to the Fibonacci Retracement, e.g., you may feel that in the past Price has run to the 1.618 level, or the 2.0, etc. before reversing.[/B] A Fibonacci Expansion, on the other hand, is used to measure the frist part of an A-B-C wave pattern and predict where Wave 3 will end. In MetaTrader an Expansion is called up separately; you will see Retracement and also Expansion. Click Expansion. You run a trend line from the bottom of Wave A to the top. A second trend line will appear and will run off into space at an arbitrary angle. Double-click the Wave A trend line so you can manipulate the tool. Then pull the end of the stray trend line to the end of Wave B. The Expansion will appear and will show where Wave C will likely end. If you see an ABC pattern developing, it is a good idea to set a Take Profit at the top of the Expansion, as Price will often peak there and fall back.

Bob

They said in the other thread it is not the same.

I agree, it is confusing…:confused:

To add the extension levels to the retracement tool…you may have to add the levels yourself in it’s parameters. Here’s how I set up my fib extension levels…


and here’s, in part, the input values I use.


Thank you Sweet Pip for your help, but still this not what the fibonacci extension levels are, like what is said in the school of babypips, if you look at this chart from the school, you can see there is huge difference about those levels, the 0.382 level is just above the Swing High while in your example you still have 0 on Swing Low.

I hope you understand what i meant.

Thanks anyway for trying to help me

ok so that is called expansion in MT4…you still need to customize the levels to get it to look like the example…:slight_smile:



Thank you very much Sweet Pip :slight_smile:

Now i see it

Anyone know how to see the price on those levels?

aren’t they highlighted to the right of the levels on the y axis? :confused:

No daedalus, only the percentage is shown like 50, 61.8 etc, but not the exact rate of the currency.

I hope you can help me

thnx

Edit the level descriptions and add the symbols [B]%$[/B] to display the price …see my prior pic where I show the properties screen.

Thank you very much Sweet Pip :slight_smile:

Fibonacci Retracement indicator is a popular tool among cryptocurrency traders. The tool help traders find the right times to buy or sell the asset they trade.

By the way according to my own experience: default parameters are enough in this case! I don’t need to add extension or any additional parameter.