Insert Andrews Pitchfork, Cycle Lines, Text and Text Label on CFD Trading Chart
The last 4 options on the MetaTrader 5 cfd platform insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT5 Platform
Andrews Pitchfork
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 & 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 on MT5 Platform
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader selects one continuous cfd trend & draws a line between the high & low of the cfd trend and then this MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 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 & then this pop up will appear again & edits can be made from this pop up window.
Text and Text Labels on MT5 Platform
From example above the buy is a text & 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 & will not move with the chart.
