Insert Andrew's Pitchfork, Cycle Lines, XAUUSD Chart Text and Text Label
The last 4 options on the MT5 gold trading platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT5
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 and the third is the lower point of xauusd price. This draws three parallel lines that form a channel. Gold Price should gold trend within this channel, if xauusd price moves outside of this channel like in the xauusd trading example illustrated and explained below the trade should be closed.
Andrew's Pitchfork on MT5
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a gold trader selects one continuous gold trend and draws a line between the high and low of the gold trend and then this MetaTrader 5 gold indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MetaTrader 5 XAUUSD Indicator
Text & Text Label
As a gold 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 input the text of the label. To edit the 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 MT5
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.
