Inserting Line Studies Tools on the MT4 Platform
The next option on the Insert menu within the MT4 gold software is Line Studies Button. These tools are used to insert & draw gold trend lines or to place various technical analysis tools on Gold charts. This button is shown below:
Line Studies in MetaTrader 4
The button can be used to insert the following on the Gold charts:
- Vertical Line
- Horizontal Line
- Gold Trend Line
- Gold Trend by Angle
A trader may require to draw any of these line studies on Gold 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 Gold chart when a trader wants to mark a particular point in a xauusd chart, maybe to mark the time they bought gold or sold gold. To insert this vertical line on a XAUUSD chart, a trader will open the insert menu, as shown above, then click on the "Vertical Line" option - to select this, the cursor will also change to explain vertical line icon & then select the point on the Gold chart where you want to draw this line.
Insert a Vertical To a Gold Chart in MT4
Horizontal Line
On MT4 Gold trade platform, this line is placed on a XAUUSD chart so as to mark a resistance level or a support level on the xauusd chart. The horizontal line can be drawn by selecting its button key within the insert menu & then clicking on the level where you want to place it.
Drawing a Horizontal Line in MetaTrader 4
On the xauusd trading example above this horizontal line is drawn at xauusd price support point, the xauusd price bounces up the second time that it gets to this point. Gold trend then changes to upward gold trend direction.
XAUUSD Trend Line
This is one of the most oftenly used technical analysis tool in gold trading. To draw this gold trend line a trader can access this button from the insert menu. An upwards gold trend line on MT4 is shown below.
Gold Trend Line Drawn on MT4
To draw a gold 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 gold trend line for either an upward gold trend direction or downward gold trend direction
XAUUSD Trend Line by Angle
The next option is to draw a gold trend by angle, this one looks exactly like the ordinary gold trend line displayed above, only that in addition it'll 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 particular item for examples let use "Gold Trendline" study, if you want to edit its properties then you can choose 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 "Gold Trendline Properties", the following popup window will pop-up.
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.
The 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've selected. Download the MetaTrader software to learn what this we are talking about.
Visualization
Visualization is used to select whether the line is shown on all time frames or only shown on a choose few timeframes that a trader can select & select from this option as illustrated below.
Customizing Tools MetaTrader 4 Studies
