Fibonacci Channel Instructions
1
Fibonacci Channel for MT4 1. Inserts 2. Channels 3. Fibonacci 4. Left click on Fibonacci and drag onto chart. In an up trend draw the channel line on the bottom of the candles. 5. Double click on channel line to active channel and you can move top channel line into place to complete the channel. 6. With the channel lines activated, right click on the channel line. This will open up the Fibonacci Channel indicator properties window. 7. Left click on the Fibo Levels tab. 8. Now you can define your fibo levels under the level and description columns. This is very important to keep in mind. The top line of the channel is the zero line. So all of the fibo lines are calculated from that line. 9. My settings are as follows: Level Description 0.618 161.8 0.382 138.2 0.236 123.6 -0.382 61.8 -0.5 50.0 -0.618 38.2 -1.236 -123.6 -1.382 -138.2 -1.618 -161.8 10. Keep in mind you can set the fibo levels to any numbers you want. These are just my personal preferences. 11. This is a static channel tool so you will have to redraw the channel when the price action moves out of your channel.
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Fibonacci Channel Instructions
Transcript of Fibonacci Channel Instructions
Fibonacci Channel
Fibonacci Channel for MT4
1. Inserts
2. Channels
3. Fibonacci
4. Left click on Fibonacci and drag onto chart. In an up trend draw the channel line on the bottom of the candles.
5. Double click on channel line to active channel and you can move top channel line into place to complete the channel.
6. With the channel lines activated, right click on the channel line. This will open up the Fibonacci Channel indicator properties window.
7. Left click on the Fibo Levels tab.
8. Now you can define your fibo levels under the level and description columns. This is very important to keep in mind. The top line of the channel is the zero line. So all of the fibo lines are calculated from that line.
9. My settings are as follows:
LevelDescription
0.618161.8
0.382138.2
0.236123.6
-0.38261.8
-0.550.0
-0.61838.2
-1.236-123.6
-1.382-138.2
-1.618-161.8
10. Keep in mind you can set the fibo levels to any numbers you want. These are just my personal preferences.
11. This is a static channel tool so you will have to redraw the channel when the price action moves out of your channel.
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