Insert Andrews Pitchfork, Cycle Lines, Text & Text Label on FX Trading Chart
The last 4 options on the MT4 Forex platform insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MT4 Online Platform
Andrews Pitchfork
The Andrews Pitchfork is drawn between 3 points first point is the middle point of price, the next is the upper point of price & the third is the lower point of price. This draws 3 parallel lines that form a channel. Price should trend within this channel, if price moves outside of this channel like in the example below the trade should be closed.
Andrews Pitchfork in MT4 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 trend & draws a line between the high and low of the 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 and Text Label
As a trader you may want to mark a price level on your Forex trading chart. To do this you can use either the text or text labels, Select any of this button, choose where to place these labels after which a pop up appears prompting you to in put the text of the label. To edit text label double click on it and then this pop up will appear again & edits can be made on this window.
Text and Text Labels in MetaTrader 4 Software
From the above example the buy is a text and 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 will not move with the chart.
