Inserting Line Studies Tools on the MT4 Platform

The next option on the Insert menu within the MT4 gold trading platform is the Line Studies Button. These tools are used to insert and draw gold trend lines or to place various technical analysis tools on Gold charts. This button is shown below:

Line Studies on MT4

The button can be used to insert the following on the Gold charts:

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

A Gold trader may require to draw any of these line studies on Gold charts for different purposes; each line study will be placed on the chart depending on the type of analysis that a gold trader want to achieve.

Vertical Line

This is placed on a Gold chart when a gold trader wants to mark a specific point in a xauusd chart, maybe to mark the time they bought gold or sold gold. To insert this vertical line on a XAUUSD chart, a gold trader will open the insert menu, as shown above, then click on the "Vertical Line" option - to select this, the cursor will also change to show vertical line icon, then select the point on the Gold chart where you want to draw this line.

Insert a Vertical To a Gold Chart on MetaTrader 4

Horizontal Line

On the MT4 Gold trade platform, this line is placed on a XAUUSD chart so as to mark a resistance level or a support level on the xauusd chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on the level where you want to place it.

Drawing a Horizontal Line on MT4

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

XAUUSD Trend Line

This is one of the most commonly used technical analysis tool in gold trading. To draw this gold trend line a Gold trader can access this button from the insert menu. An upward gold trend line on MT4 is shown below.

Gold Trend Line Drawn on MetaTrader 4

To draw a gold trend line a Gold trader has to have two points and join these points with the gold trend line and then extend it as shown above.

A gold trader can draw this gold trend line for either an upward gold trend direction or downward gold trend direction

XAUUSD Trend Line by Angle

The next option is to draw a gold trend by angle, this one looks exactly like the ordinary gold trend line shown above, only that in addition it will show the angle at which the gold 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 gold trader you may want to change the formatting of a specific item for example let use the "Gold Trend Line" study, if you want to edit its properties then you can select 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 gold 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 "Gold Trend line Properties", the following popup window will appear.

From this menu a gold trader can rename the gold 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.

The other options are marked "Parameters" and "Visualization"

Parameters

On the parameter, tick/untick the option marked as "Ray", this will extend/unextend the gold trend line up to the point where you have selected. Download the MetaTrader 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 select few time frames that a gold trader can choose and select from this option as shown below.

Customizing Tools MT4 Studies