Insert Shapes on Charts on the MT4 Platform

To place shapes on the MT4 platform, a trader can use the Insert Menu and use the insert shapes button that is shown below.

Insert Shapes on MT4 Software

Options of which shapes that can be drawn in the MetaTrader 4 platform are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Crude Oil Chart

To draw a rectangle on mMT4 charts, a trader will select the rectangle button & then choose between which points on a Oil Trading chart to draw this rectangle. To adjust a triangle that has already been plotted, a trader can also double click anywhere on this shape and then select the square buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape in MetaTrader 4 Charts

Rectangle shape is used to plot a consolidation range pattern where crude price break out to one side will mean crude price movement will continue in that direction, as shown above, when the crude price breaks out upwards it continues to move in that direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT4 chart, select 3 points, point 1, 2 and 3 after which the triangle is drawn within these three selected chart points. To adjust the triangle, just doubleclick this triangle, then select the square buttons appearing on the edges as shown below and adjust the triangle points.

Drawing Triangle on Crude Oil Charts on MT4 Software

Draw Ellipse

To plot the ellipse shape, follow the procedure below:

1. Select the Ellipse button as displayed above
2. On the chart choose point 1 and drag the mouse to point 2, (the ellipse will then appear as a line)
3. Doubleclick the ellipse using the small squares at the middle, click, hold and drag this square and the ellipse will be adjusted as displayed below.

Drawing Ellipse Shape in MetaTrader 4 Charts on MT4 Software