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