Insert Andrew's Pitchfork, Cycle Lines, XAUUSD Chart Text and Text Label
The last 4 options on the MT5 gold platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MetaTrader 5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of xauusd price, the next is the upper point of xauusd price & the third is the lower point of xauusd price. This draws 3 parallel lines that form a channel. Gold Price should gold trend within this channel, if xauusd price moves outside of this channel like in xauusd example illustrated & explained below the trade should be closed.
Andrew's Pitchfork in MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market trading cycles. To plot these lines a trader selects one continuous gold trend and draws a line between the high & low of the gold trend and then this MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text & Text Label
As a trader you may want to mark a xauusd price level on your xauusd chart. To do this you can use either the text or text labels, Select any of this button, select where to place these labels after which a popup appears prompting you to put the text of the label. To edit the text label double click on it & then this pop up will appear again & edits can be done on this pop up window.
Text & Text Labels in MetaTrader 5
From examples above 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.
