Insert Andrews Pitchfork, Cycle Lines, Text & Text Label on CFDs Trading Chart
The last 4 options on the MT4 cfd trading software insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MetaTrader 4 Platform
Andrews Pitchfork
The Andrews Pitchfork is drawn between three points first point is the middle point of cfds price, the next is the upper point of cfds price and the third is the lower point of cfds price. This draws three parallel lines that form a channel. CFD Price should cfd trend within this channel, if cfds price moves outside of this channel like in cfd example shown below the trade should be closed.
Andrews Pitchfork in MetaTrader 4 Platform
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market trading cycles. To plot these lines a trader selects one continuous cfd trend & draws a line between the high and low of the cfd trend and then this MT4 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text and Text Label
As a trader you might want to mark a cfd price level on your cfds trading chart. To do this you can use either the text or text labels, Select any of this button, select where to place these labels after which a pop up appears prompting you to input the text of the label. To edit text label double-click on it and then this popup will appear again and edits can be made from this popup window.
Text and Text Labels on MT4 Platform
From the example above buy is a text and the sell is a text label, both are not much different only that the text will move with the chart, while the text label is fixed at one point and will not move with the chart.
