Insert Andrews Pitchfork, Cycle Lines, Text & Text Label on Trading Chart

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

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

These are portrayed below:

Insert Menu Options in MetaTrader 4 Software

Andrews Pitchfork

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

Andrews Pitchfork in MetaTrader 4 Software

Cycle Lines

Cycle lines are vertical lines plotted at an equal distance representing market trading cycles. To plot these lines a trader chooses one continuous trend & draws a line between the high and low of the cfd trend and then this MT4 indicator automatically draws 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 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 popup will appear again and edits can be made from this popup window.

Text and Text Labels on MetaTrader 4 Software

From the example above buy is a text and the sell is a text label, both are not much different only that the text will move with the trading chart, while the text label is fixed at one point and will not move with the chart.