Drawing Fibonacci Extensions

Hi Hypnos63,

Here’s a screenshot of how you can change the Fib levels in MT4.

When you use the Fib Expansion tool (after you click on a low, drag to the high, and release the mouse) the following Expansion window will appear. You can see the current levels being charted, and how you can “customize” those levels and corresponding descriptions.

Here you see it shows only the 61.8, 100 and 161.8 levels being charted. If you’d like to “add” a level, simply click on the add button. It will allow you to type in any of the fibonacci level numbers so, for example, if you type 1.382, then dbl click in the description to open it up, type in a description that’s meaningful to you, and your changes will get charted after you click OK.

If you want to change all of it to match babypips, then you can… to a point …meaning I don’t see how to make it put in the prices at the swing points like in the example but that’s the difference between platforms.

After you click OK, you still have to reposition the expansion line to the swing low…see how it’s not pointing to anything? To do that, click on the end point and drag it to the nearest low (or high if you’re drawing a downtrend).

You were also asking how one determines the high and lows to plot from and to. I find the Zig Zag indicator helpful visually for that purpose.

Hope that helps :slight_smile:

Just as an aside…on MT4 when you get your fib levels they don’t acutually post the numeric level. If you want to include that all you have to do is in the edit box for Fib level under “description”, type in before the level %$. That is, if you wanted the 1.382 level just type in %$ 1.382 and you will see in your chart the corresponding numeric levels before the fib levels. Neat huh?

thanks pip, tony everyone. this has been quite helpful. pip i also found that the linear regression tool and the stochs help determine the swing highs and lows as well. will look at the zigzag too though.

Thank you didjerdu for the %$ …got any more of those neat little tricks? Neat & sweet :slight_smile:

Looks like sweet pip is making moolah! :wink:

+1 on the Zig Zag. Can really simplify the areas to draw grids visually.

Cheers mate!

It comes…and just when I think I’ve got something going…it goes…:frowning:

Wait till it’s happening like that for at least a month anyways…then I’ve got something… but it is improving and “that’s a good thing” :slight_smile: