Inserting Line Studies Tools on the MT4 Platform

The next option on Insert menu within MT4 gold software is Line Studies Button. These tools are used to insert & draw trend lines or to place various technical analysis tools on charts. This button is illustrated below:

Line Studies in MetaTrader 4

This button can be used to add the following on charts:

1. Vertical Line
2. Horizontal Line
3. Trend Line
4. Trend by Angle

A trader might require to draw any of these line studies on 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 chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought gold or sold gold. To place this vertical line on chart, one will open the insert menu, as illustrated above, then click on the "Vertical Line" option - to choose this, the cursor will also change to explain vertical line icon & then select the point on the chart where you want to draw this line.

Insert a Vertical To a Chart in MetaTrader 4

Horizontal Line

On MT4 trade platform, this line is placed on chart so as to mark a resistance level or a support level on the 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

On the trading example above this horizontal line is drawn at price support level, the price bounces up the second time that it gets to this point. Trend then changes to upward trend direction.

Trend-Line

This is one of most oftenly used technical analysis tool in gold trading. To draw this trend-line one can access this button from the insert menu. An upwards trend-line in MetaTrader 4 is illustrated below.

Trend Line Drawn on MetaTrader 4

To draw a trend line a trader has to have 2 points and join these points with the trend-line & then extend it as illustrated above.

One can draw this trend-line for either an upward trend direction or downward trend direction

Trend-Line by Angle

The next option is to draw a trend by angle, this one looks exactly like the ordinary trend line displayed above, only that in addition it'll show the angle at which the trend-line is slanting which many trade transactions might 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 examples let use "Trendline" study, if you want to edit its properties then you can choose it by double-clicking on it, then right click on it and the following menu will show.

Changing

Common Properties

After the above menu appears (Note the trendline 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 "Trendline Properties", the following popup window will pop-up.

From this menu one can rename the trendline, 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 choose okay.

The other options are marked 'Parameters' & 'Visualization'

Parameters

On the parameter, tick/untick the option marked as 'Ray', this will extend/unextend the trend line up to the point where you've selected. Download MetaTrader software platform to learn what this we are talking about.

Visualization

Visualization is used to select whether the line is shown on all time frames or only shown on a choose few timeframes that a trader can select & select from this option as shown below.

Customizing Tools MT4 Studies