Insert Andrews Pitchfork, Cycle Lines, Metal Chart Text and Text Label
The last 4 options on the MT4 metals trading software insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MT4 Platform
Andrews Pitchfork
Andrews Pitchfork is drawn between three points first point is the middle point of metals price, the next is the upper point of metals price and third is the lower point of metals price. This draws three parallel lines that form a channel. Metals Price should metals trend within this channel, if metals price moves outside of this channel like in the metal examples illustrated & described below the trade should be closed.
Andrews Pitchfork on MT4 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 metals trend & draws a line between the high & low of the metals trend and then this MT4 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text and Text Label
As a trader you might want to mark a metals price level on your metal 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 in put the text of the label. To edit text label double click on it and then this pop up will appear again and edits can be made from this window.
Text and Text Labels on MT4 Platform
From the above example the buy is a text and 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 and won't move with the chart.
