fib retracements different in mt4? | Forex Factory

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fib retracements different in mt4?

  • #1
  • First Post: Mar 23, 2010 10:16pm Mar 23, 2010 10:16pm
Please see this video:
Inserted Video


Why does fib retracements in mt 4 look different then in this video? If I draw them like the video, for a down trend I draw from the highest high to the lowest low, I get 0 for the bottom line and 100 for the top. The fib profit level, i.e.; 161.8 is above 100 and there is no levels below 0.

If I draw them from the low back up to the high 100 is on the bottom but I do not get the same levels as on the video. For example, 61.8 is below .50 where in the video it is above 50.

Do I need to change the level settings in mt4 to get the proper levels? IF so, can some advise on the correct levels to have?

Thanks!
  • #2
  • Mar 24, 2010 12:11am Mar 24, 2010 12:11am
Quoting jerzhere
Do I need to change the level settings in mt4 to get the proper levels?
Mt4 has proper levels. It retraces from 0 to 100, then it extends.
Double click on the fibo, right click properties and add or change the levels as to your liking.
  • #3
  • Mar 24, 2010 2:28am Mar 24, 2010 2:28am
Quoting jerzhere
Why does fib retracements in mt 4 look different then in this video? If I draw them like the video, for a down trend I draw from the highest high to the lowest low, I get...

Think about what you're drawing and what these levels represent.

If you're drawing from a high down to a low then 100 should be at the top, ie a 100% retracement of the high to low move, and 0 should be at the bottom ie 0% retracement. What levels would you expect to find below 0

What levels are you trying to get by drawing from the low back to the high? If you're trying to get retracement levels for an up move then take a low and draw forward to a high, 100 on the bottom ie a 100% retracement of the move up, 0 on the top meaning 0% retracement.

It takes some thinking about but it's going to be easier if you understand what you're drawing rather then just drawing it blindly.

Leave the settings at default for now, if you change them you'll just get more confused.

Once you've got the hang of drawing retracements then you can go on to profit targets, get the retracements right first though and understand them.

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  • #4
  • Edited 3:10am Mar 24, 2010 2:39am | Edited 3:10am
Quoting jerzhere
Why does fib retracements in mt 4 look different then in this video? If I draw them like the video, for a down trend I draw from the highest high to the lowest low, I get 0 for the bottom line and 100 for the top. The fib profit level, i.e.; 161.8 is above 100 and there is no levels below 0.
With MT4 you'll need (2) tools to get the a similar result.

What they have done is modify the Fib Retracement tool to include Fib Expansions. If you want to hit the 161.8 target you'll need pull a fib 'expansion' for points A and B and C (the same as the retracement levels). Oanda's Fib retracement tool also has the 161.8 target extended off the retracement tool built-in.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5
  • Mar 24, 2010 2:42am Mar 24, 2010 2:42am
Quoting LasVahGoose
With MT4 you'll need (2) tools to get the a similar result.

What they have done is modify the Fib Retracement tool to include Fib Expansions
lol, no you don't!

The fib expansion tool draws different levels altogether!
  • #6
  • Mar 24, 2010 2:43am Mar 24, 2010 2:43am
Quoting pipmutt
lol, no you don't!

Well, I guess you can add the levels to the retracement tool, but it is not setup that way by default.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7
  • Mar 24, 2010 2:52am Mar 24, 2010 2:52am
Quoting LasVahGoose
Well, I guess you can add the levels to the retracement tool, but it is not setup that way by default.
Dunno, can't remember, it's a while since I installed MT4. Fib Expansions are different than Fib Extensions though.



(As for leveragefx, don't pay the guy a cent, everything he 'teaches' and sells is available better and for free on the net!)


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  • #8
  • Mar 24, 2010 2:56am Mar 24, 2010 2:56am
Quoting pipmutt
Dunno, can't remember, it's a while since I installed MT4. Fib Expansions are different than Fib extensions though.
In MT4 there called Fib Expansions and since the poster was referring to MT4 I used the same terminology. And yes fib retracements and fib expansions are two different tools in MT4, but some brokers combine the two tools into one. My best guess is that is what this video is showing. Oanda's fib tool also shows levels for profit targets.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9
  • Mar 24, 2010 2:59am Mar 24, 2010 2:59am
Quoting LasVahGoose
In MT4 there called Fib Expansions and since the poster was referring to MT4 I used the same terminology.
Different tool altogether, different levels than in the video.

Trust me, I've been using this stuff since 1997!
  • #10
  • Mar 24, 2010 3:03am Mar 24, 2010 3:03am
Quoting pipmutt
Different tool altogether, different levels than in the video.

Trust me, I've been using this stuff since 1997!
yeah, I'm just speculating. but you do see there 'profit targets' are added on to the retracement tool, right? Maybe they are not expansion levels, but they have added levels and that is probably what is confusing the OP.

We would need to see how they configured their fib tool to know for sure what they are doing.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #11
  • Mar 24, 2010 3:09am Mar 24, 2010 3:09am
Quoting LasVahGoose
yeah, I'm just speculating. but you do see there 'profit targets' are added on to the retracement tool, right? Maybe they are not expansion levels, but they have added levels and that is probably what is confusing the OP.

We would need to see how they configured their fib tool to know for sure what they are doing.
Sure, he's using 1.382 and 1.618 built in, you're right I think that's what is confusing the OP but he doesn't seem to understand what he's drawing or why he's drawing them which isn't helping really!
  • #12
  • Last Post: Edited 3:44am Mar 24, 2010 3:23am | Edited 3:44am
Quoting jerzhere
Why does fib retracements in mt 4 look different then in this video? If I draw them like the video, for a down trend I draw from the highest high to the lowest low, I get 0 for the bottom line and 100 for the top. The fib profit level, i.e.; 161.8 is above 100 and there is no levels below 0.
The fib profit levels in the video 1.382 and 1.618 are above (or beyond or extended past) the ZERO level. So you will need to add them to the MT4 fib retracement tool under properties.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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