Inserting Line Studies Tools on the MT4 Software
The next option on the Insert menu within the MT4 metals trading software is the Line Studies Button. These tools are used to insert & draw metals trend-lines or to place various technical analysis tools on Metals charts. This button is shown below:
Line Studies on MT4 Platform
The button key can be used to insert the following on the Metals charts:
- Vertical Line
- Horizontal Line
- Metals Trend Line
- Metals Trend by Angle
A trader may require to draw any of these line studies on Metals 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 a Metals chart when a trader wants to mark a particular point in a metal chart, maybe to mark the time they bought metals or sold metals. To insert this vertical line on a Metal chart, a trader will open insert menu, as shown above, then click on the 'Vertical Line' option - to choose this, cursor will also change to explain vertical line icon and then choose the point on Metals chart where you want to draw this line.
Insert a Vertical To a Metals Chart in MetaTrader 4 Platform
Horizontal Line
On the MetaTrader 4 Metals trade platform, this line is placed on a Metal chart so as to mark a resistance level or a support level on the metal chart. The horizontal line can be drawn by selecting its button key within the insert menu and clicking on the level where you want to place it.
Drawing a Horizontal Line in MT4 Platform
On the metal trading example above this horizontal line is drawn at metals price support point, the metals price bounces up the second time that it gets to this point. Metals trend then changes to upward metals trend direction.
Metal Trend Line
This is one of the most commonly used technical analysis tool in metals trading. To draw this metals trend line a trader can access this button key from the insert menu. An upward metals trend line in MT4 software is illustrated below.
Metals Trend Line Drawn in MT4 Platform
To draw a metals trend line a trader has to have two points and join these points with the metals trend line & then extend it as shown above.
A trader can draw this metals trend line for either an upward metals trend direction or downward metals trend direction
Metal Trend Line by Angle
The next option is to draw a metals trend by angle, this one looks exactly like the ordinary metals trendline displayed above, only that in addition it'll show the angle at which the metals 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 trader you might want to change the formatting of a particular item for example let use the "Metals Trendline" study, if you want to edit its properties then you can select it by double-clicking on it, then right-click on the it & the following menu will show.
Changing
Common Properties
After the above menu pops up (Note the metals 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 "Metals Trendline Properties", the following pop up window panel will pop-up.
From this menu a trader can rename the metals 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 metals trend line up to the point where you have selected. Download the MetaTrader software to learn what this we are talking about.
Visualization
Visualization is used to choose whether the line is shown on all timeframes or only shown on a select few timeframes that a trader can choose and select from this option as shown below.
Customizing Tools MetaTrader 4 Studies
