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.
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.
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…
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.
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.