Insert Andrews Pitchfork, Cycle Lines, Text and Text Label on Oil Trading Chart
The last 4 options on the MT4 oil software insert menu are:
- Andrews Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT4 Software
Andrews Pitchfork
The Andrews Pitchfork is drawn between 3 points first point is the middle point of crude oil price, the next is the upper point of crude oil price & the third is lower point of crude oil price. This draws 3 parallel lines that form a channel. Oil Price should oil trend within this channel, if crude oil price moves outside of this channel like in oil example shown below the trade should be closed.
Andrews Pitchfork on MT4 Software
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market trading cycles. To plot these lines a trader selects one continuous oil trend & draws a line between the high and low of the oil trend and then this MT4 technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text and Text Label
As a trader you might want to mark a crude oil price level on your crude trading chart. To do this you can use either the text or text labels, Select any of this button key, select where to place these labels after which a pop up appears prompting you to input the text of the label. To edit text label double-click on it and then this pop up will appear again and edits can be made on this window.
Text and Text Labels on MT4 Software
From the above example buy is a text and 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.
