Inserting Line Studies Tools on the MT5 Platform
The next option on the Insert menu within the MT5 platform is Line Studies Button. These tools are used to insert & draw forex trend lines or to place various forex technical analysis tools on Forex charts. This button is shown below:
Line Studies on MetaTrader 5 Software
The button can be used to insert the following on the Forex charts:
- Vertical Line
- Horizontal Line
- forex trend Line
- forex trend by Angle
A trader may need to draw any of these line studies on Forex charts for different purposes: each line study will be placed on the chart depending on the type of analysis that a trader want to achieve.
Vertical Line
This is placed on a Forex chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought a forex or sold a currency. To insert this vertical line on a Forex chart, a trader will open the insert menu, as shown above, then click on 'Vertical Line' option - to choose this, the cursor will also change to illustrate vertical line icon, then select point on the Forex chart where you want to draw this line.
Insert a Vertical To a Forex Chart on MT5 Software
Horizontal Line
On MT5 Forex trade platform, this line is placed on a Forex chart so as to mark a resistance level or a support level on the forex chart. The horizontal line can be plotted by selecting its button within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MetaTrader 5 Online Software
On the forex trading example above this horizontal line is drawn at forex price support point, the forex price bounces up the second time that it gets to this point. Forex trend then changes to upward forex trend direction.
forex trend Line
This is one of the most commonly used forex technical analysis tool in Forex trading. To draw this forex trend line a trader can access this button from the insert menu. An upwards forex trend line on MetaTrader 5 platform is illustrated below.
forex trend Line Drawn on MetaTrader 5 Software
To draw a forex trend line a trader has to have 2 points and join these points with the trend line & then extend it as shown above.
A trader can draw this forex trend line for either an upward forex trend direction or downward forex trend direction
forex trend Line by Angle
The next option is to draw a forex trend by angle, this one looks exactly like the ordinary forex trendline shown above, only that in addition it will show the angle at which the trend line is slanting which many forex 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 examples let use "forex trend Line" study, if you want to edit its properties then you can choose it by double-clicking on it, then right click on the it & 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 "forex trend line Properties", the following pop up panel 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 MT5 buttons next to the color button, and then select okay.
The other options are marked 'Parameters' & 'Visualization'
Parameters
On the parameter, tick/untick the option marked as 'Ray', this will extend/unextend the trend line up to the point where you've 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 timeframes or only shown on a choose few time frames that a trader can select & choose from This MetaTrader 5 option as displayed below.
Customizing Tools MetaTrader 5 Studies
