Inserting Line Studies Tools on the MT4 Platform
The next option on the Insert menu within the MT4 cfd trading software is Line Studies Button. These tools are used to insert & draw cfd trendlines or to place various technical analysis tools on CFD charts. This button is shown below:
Line Studies in MetaTrader 4 Platform
The button key can be used to insert the following on CFD Trading charts:
- Vertical Line
- Horizontal Line
- CFD Trend Line
- CFD Trend by Angle
A trader might require to draw any of these line studies on CFD Trading charts for different purposes: each line study will be placed on the chart depending on the type of analysis that a trader want to achieve.
Vertical Line
This is placed on a CFD Trading chart when a trader wants to mark a specific point in a cfd chart, maybe to mark the time they bought a cfd instrument or sold a cfd. To insert this vertical line on a CFD Trading chart, a trader will open the insert menu, as shown above, then click on 'Vertical Line' option - to select this, cursor will also change to show vertical line icon and then select point on the CFD Trading chart where you want to draw this line.
Insert a Vertical To a CFDs Chart on MT4 Platform
Horizontal Line
On MT4 CFD trade platform, this line is placed on a CFD Trading chart so as to mark a resistance level or a support level on the cfds chart. The horizontal line can be drawn by selecting its button key within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line in MetaTrader 4 Platform
On the cfd example above this horizontal line is drawn at cfds price support point, the cfds price bounces up the second time that it gets to this point. Cfd trend then changes to upward cfd trend direction.
CFD Trend Line
This is one of the most commonly used technical analysis tool in cfd trading. To draw this cfd trend line a trader can access this button key from the insert menu. An upwards cfd trend line in MetaTrader 4 platform is illustrated below.
CFD Trend Line Drawn in MetaTrader 4 Platform
To draw a cfd trend line a trader has to have two points and join these points with the cfd trend line and then extend it as shown above.
A trader can draw this cfd trend line for either an upward cfd trend direction or downward cfd trend direction
CFD Trend Line by Angle
The next option is to draw a cfd trend by angle, this one looks exactly like the ordinary cfd trend-line displayed above, only that in addition it will show the angle at which the cfd trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a trader you may want to change the formatting of a particular item for example let use "CFD Trendline" study, if you want to edit its properties then you can select it by double-clicking on it, then right click on the it & the following menu will show.
Changing
Common Properties
After the above menu appears (Note the cfd trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only "CFD Trendline Properties", the following popup window will pop-up.
From this menu a trader can rename the cfd trend line, give it a description, change the style color to another color using the down arrow next to the color named "Blue" above or change the width property by selecting a different style from the 2 drop down arrow buttons next to the color button, and then select okay.
Other options are marked 'Parameters' & 'Visualization'
Parameters
On the parameter, tick/untick the option marked as 'Ray', this will extend/unextend the cfd trend line up to the point where you have chosen. Download the MetaTrader platform to learn what this we are talking about.
Visualization
Visualization is used to choose whether the line is displayed on all timeframes or only shown on a choose few time-frames that a trader can choose and select from this option as shown below.
Customizing Tools MetaTrader 4 Studies
