Inserting Line Studies Tools on the MT5 Platform
The next option on the Insert menu within the MT5 gold trading platform is the Line Studies Button. These tools are used to insert and draw gold trend lines or to place various xauusd trading analysis tools on Gold charts. This button is shown below:
Line Studies on MT5
The button can be used to insert the following on the Gold Trading charts:
- Vertical Line
- Horizontal Line
- gold trend Line
- gold trend by Angle
A Gold trader may require to draw any of these line studies on Gold Trading charts for different purposes: each line study will be placed on the chart depending on the type of analysis that a gold trader want to achieve.
Vertical Line
This is placed on a Gold Trading chart when a gold trader wants to mark a specific point in a xauusd chart, maybe to mark the time they bought gold or sold gold. To insert this vertical line on a Gold Trading chart, a gold 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 show vertical line icon, then select the point on the Gold Trading chart where you want to draw this line.
Insert a Vertical To a Gold Chart on MetaTrader 5
Horizontal Line
On the MT5 Gold trade platform, this line is placed on a Gold Trading 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 within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MT5
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. The gold trend then changes to upward gold trend direction.
xauusd trend Line
This is one of the most commonly used xauusd trading analysis tool in gold trading. To draw this gold trend line a Gold trader can access this button from the insert menu. An upward gold trend line on MT5 is shown below.
gold trend Line Drawn on MetaTrader 5
To draw a gold trend line a Gold trader has to have two points and join these points with the trend line and then extend it as shown above.
a gold 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 shown above, only that in addition it will show the angle at which the trend line is slanting which many xauusd trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a gold trader you may want to change the formatting of a specific item for example let use the " gold trend Line" study, if you want to edit its properties then you can select 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 trend line Properties", the following popup window will appear.
From this menu a gold 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 MetaTrader 5 buttons next to the color button, and then select okay.
The other options are marked "Parameters" and "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 have selected. Download the MetaTrader 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 select few time frames that a trader can choose and select from This MetaTrader 5 option as shown below.
Customizing Tools MT5 Studies
