Insert Andrews Pitchfork, Cycle Lines, Text & Text Label on Chart
The last 4 options on the MT5 Forex platform insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MT5 Online Software
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 forex price & the third is the lower point of price. This draws 3 parallel lines that form a channel. Price should forex trend within this channel, if forex price moves outside of this channel like in forex trading example below the trade should be closed.
Andrews Pitchfork in MT5 Software
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a trader selects one continuous forex trend and draws a line between the high and low of the forex trend and then this MT5 technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT5 Indicator
Text & Text Label
As a trader you might want to mark a forex price level on your Forex trading chart. To do this you can use either the text or text labels, Select any of this button key, 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 popup will appear again and edits can be made on this window.
Text and Text Labels on MetaTrader 5 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.
