Inserting Line Studies Tools on the MetaTrader 4 Platform

The next option on Insert menu within MT4 gold software is Line Studies Button. These tools are used to insert & draw trend lines or to place various technical analysis tools on charts. This button is illustrated below:

Line Studies in MT4

This button can be used to add the following on charts:

Vertical Line
Horizontal Line
Trend Line
Trend by Angle

A trader might require to draw any of these line tools on charts for different trading purposes: each line study will be added on the trading chart depending on the type of trading analysis that a gold trader want to achieve.

Vertical Line

This is placed on chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought gold or sold gold. To place this vertical line on chart, a trader will open the insert menu, as illustrated above, then click on the "Vertical Line" option - to choose this, the cursor will also change to explain vertical line icon & then select and choose the point on the chart where you want to draw this line.

Insert a Vertical To a Chart in MT4

Horizontal Line

On MT4 trade platform, this line is placed on chart so as to mark a resistance zone or a support level on the chart. The horizontal line can be drawn by selecting its button key within the insert menu and then pressing on the level where you as a trader want to place it.

Drawing a Horizontal Line in MT4

On the trading example above this horizontal line is drawn at price support level, the price bounces up the second time that it gets to this point. Trend then changes to upward trend direction.

Trend-Line

This is one of most oftenly used technical analysis tool in gold trading. To draw this trend-line one can access this button from the insert menu. An upwards trend-line in MetaTrader 4 is illustrated below.

Trend Line Drawn on MT4

To draw a trend line a trader has to have 2 points and join these points with the trend line & then extend it as illustrated above.

One can draw this trend-line for either an upward trend direction or downwards trend direction

Trend-Line by Angle

The next option is to draw a market trend by angle, this one looks exactly like the ordinary trend line displayed above, only that in addition it'll show the angle at which the trend line is slanting which many trade transactions might 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 "Trendline" study, if you want to edit its properties then you as a trader 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 3 square points that you as a trader can click and drag with the mouse to adjust it to another point using these three squares), select the first option only "Trendline Properties", the following popup panel will popup.

From this menu one can rename the trendline, 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 colour button, and then choose okay.

The other options are marked & tagged 'Parameters' & 'Visualization'

Parameters

On the parameter, tick/untick the choice/option marked and labeled as 'Ray', this will extend/unextend the trend line up to the point where you have selected. Download MetaTrader software to learn what this we are talking about.

Visualization

Visualization is used to select whether the line is illustrated on all time-frames or only shown on a choose few timeframes that a trader can select & select from this option as shown below.

Customizing Tools MT4 Studies

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