Insert Andrews Pitchfork, Cycle Lines, Text and Text Label on Chart

The last 4 options on the MT4 software insert menu are:

1. Andrews Pitchfork
2. Cycle Lines
3. Text
4. Text Label

These are shown below:

Insert Menu Options on MT4 Platform

Andrews Pitchfork

The Andrews Pitchfork is drawn between 3 points first point is the middle point of price, the next is the upper point of price & the third is lower point of price. This draws 3 parallel lines that form a channel. Price should trend within this channel, if price moves outside of this channel like in oil example shown below the trade should be closed.

Andrews Pitchfork on MT4 Platform

Cycle Lines

Cycle lines are vertical lines drawn at an equal distance representing market cycles. To plot these lines a trader selects one continuous trend & draws a line between the high and low of the trend and then this MT4 indicator automatically plots the cycle line, these lines represent market cycles.

Cycle Lines MT4 Indicator

Text and Text Label

As a trader you might want to mark a price level on your crude 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 input 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 on this window.

Text and Text Labels on MT4 Platform

From the above example 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 will not move with the chart.