How To Draw Fibonacci Extension On Mt4

Fibonacci Expansion

Fibonacci Expansion is largely similar to Fibonacci Retracement and intended for determining of the cease of the tertiary wave. Dissimilar Fibonacci Retracement, this musical instrument is built non on the only one trendline, but on two waves.

First, the line of the offset wave is drawn, its height will be considered as a unit interval later on. The end of the second moving ridge serves as a reference indicate for building an invisible vertical line. The corresponding lines are drawn from the reference point on the interval equal to 61.8, 100%, and 161.eight per cent of the unit interval. The tertiary wave is considered to finish virtually these levels.

Drawing

To depict Fibonacci extension, ane should select this object and indicate the starting time signal of the first wave in the chart. Later that one should define the 2nd point of the commencement moving ridge. To plot the second wave one should click on the second point of the commencement moving ridge and holding the mouse button draw it. When selecting each point additional parameters will be shown nearly it: altitude from the initial point along the time axis and altitude from the initial point along the cost centrality.

Controls

On the first wave at that place are three points that can exist moved by a mouse. Using the first point and the concluding point (which is the beginning indicate of the second wave) length and slope are defined. The terminal signal of the 2d wave is used for irresolute its length and slope. The central point (moving indicate) is used for moving the whole object without changing its size and shape.

Levels

This tab is intended for managing levels of the tool. The Fibonacci Expansion has additional feature of displaying cost value of each level. To do information technology, specify the (%$) symbols in the "Description" field.

Parameters

There are the following parameters of the object:

• Date/Value — coordinates of the first bespeak of the first wave (date/value of the price scale);
• Date/Value — coordinates of the last point of the first wave (date/value of the price scale);
• Date/Value — coordinates of the terminal bespeak of the second wave (engagement/value of the price scale);

• Ray Right — infinite elapsing of levels to the right;
• Ray Left — infinite elapsing of levels to the left.

Common parameters of object are described in a divide section.

Source: https://www.metatrader5.com/en/terminal/help/objects/fibo/fibo_expansion

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