Fibonacci retracements are one of the most commonly used technical analysis tools in Forex trading. It is based on the idea that markets tend to retrace a predictable portion of a move, after which they continue in the original direction. However, there are times when you may want to delete Fibonacci retracements from your MT4 chart. This article will explain how to do that.
To delete Fibonacci retracements in MT4, you need to follow these simple steps:
1. Open the chart that you want to delete the Fibonacci retracement from.
2. Right-click anywhere on the chart and select “Objects List” from the menu.
3. In the Objects List window, you should see a list of all the objects that are currently on the chart. Look for the Fibonacci retracement tool that you want to delete and click on it to select it.
4. Once you have selected the Fibonacci retracement tool, click on the “Delete” button at the bottom of the Objects List window.
5. The Fibonacci retracement tool should now be removed from the chart.
It’s that simple. However, there are a few things you should keep in mind when deleting Fibonacci retracements in MT4.
Firstly, make sure that you are deleting the correct Fibonacci retracement tool. If you have multiple Fibonacci retracements on the same chart, you may accidentally delete the wrong one if you are not careful.
Secondly, if you want to delete all the Fibonacci retracements on a chart at once, you can use the “Remove All” button in the Objects List window. This will delete all the objects on the chart, including Fibonacci retracements, trend lines, and other technical analysis tools.
Finally, be careful not to delete any other objects on the chart that you may need. For example, if you have drawn a trend line on the chart, make sure that you do not accidentally delete it when trying to delete a Fibonacci retracement.
In conclusion, deleting Fibonacci retracements in MT4 is a simple process that can be done in just a few clicks. However, it’s important to be careful and double-check that you are deleting the correct object before you click the “Delete” button. By following these steps, you can easily remove Fibonacci retracements from your MT4 chart and focus on other technical analysis tools that may be more relevant to your trading strategy.