Insert Andrews Pitchfork, Cycle Lines, Text and Text Label on Energy Trading Chart
The last 4 options on the MT5 energies trading platform insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT5 Software
Andrews Pitchfork
The Andrews Pitchfork is drawn between three points first point is the middle point of energies price, the next is the upper point of energies price & the third is lower point of energies price. This draws three parallel lines that form a channel. Energies Price should energies trend within this channel, if energies price moves outside of this channel like in the energies example illustrated and explained below the trade should be closed.
Andrews Pitchfork in MT5 Software
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader selects one continuous energies trend and draws a line between the high and low of the energies trend and then this MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text and Text Label
As a trader you may want to mark a energies price level on your energies trading 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 input the text of the label. To edit the text label double-click on it & then this popup will appear again and edits can be done on this popup window.
Text and Text Labels in MT5 Software
From the example above buy is a text & the 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 won't move with the chart.
