Insert Andrew's Pitch Fork, Cycle Lines, XAUUSD Chart Text and Text Label
The last four options on the MT4 platform software insert menu are:
- Andrew's Pitch Fork
- Cycle Lines
- Text
- Text Label
These are illustrated below:
Insert Menu Options in MetaTrader 4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between 3 points first point is mid point of price, the next is the upper point of price & the third is the lower point of price. This draws Three parallel lines that form a channel. Price should trend within this channel, if price moves outside signal of the channel like in the trading examples illustrated and described below the trade should be closed.
Andrew's Pitchfork in MetaTrader 4
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market trading cycles. To plot these lines one selects one continuous trend and draws a line between the high and low of the trend & then this MT4 indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT4 Indicator
Text & Text Label
As a trader you might want to mark a price level on your chart. To achieve this you can use either the text or text labels, Select any of this button, choose where to place these labels after which a popup appears prompting you to put the text of the label. To edit text label double click on it & then this pop up will appear again & edits can be done on this pop up window.
Text & Text Labels in MetaTrader 4
From the example above buy is a text & the sell is a text label, both aren't much different only that the text will move with the trading chart, while the text label is fixed at one point and will not move with the chart.
