Insert Andrews Pitchfork, Cycle Lines, Stock Chart Text and Text Label
The last 4 options on the MT4 stock platform insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT4 Platform
Andrews Pitchfork
Andrews Pitchfork is drawn between three points first point is the middle point of stock price, the next is the upper point of stocks price & the third is lower point of stock price. This draws three parallel lines that form a channel. Stock Price should stock trend within this channel, if stocks price moves outside of this channel like in stocks example illustrated & explained 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 trading cycles. To draw these lines a trader selects one continuous stock trend & draws a line between the high & low of the stock trend and then this MetaTrader 4 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MetaTrader 4 Technical Indicator
Text & Text Label
As a trader you may want to mark a stock price level on your stocks chart. To do this you can use either the text or text labels, Select any of this button key, select where to place these labels after which a popup appears prompting you to type the text of the label. To edit the text label doubleclick on it and then this pop-up will appear again and edits can be done on this window.
Text and Text Labels on MT4 Platform
From above examples the buy is a text & 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 & will not move with the chart.
