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