Inserting Line Studies Tools on the MT4 Platform
The next option on the Insert menu within the MT4 oil platform is Line Studies Button. These tools are used to insert & draw oil trendlines or to place various technical analysis tools on Oil charts. This button is shown below:
Line Studies in MetaTrader 4 Software
The button key can be used to insert the following on Oil Trading charts:
- Vertical Line
- Horizontal Line
- Oil Trend Line
- Oil Trend by Angle
A trader might require to draw any of these line studies on Oil Trading charts for different purposes: each line study will be placed on chart depending on type of analysis that a trader want to achieve.
Vertical Line
This is placed on a Oil Trading chart when a trader wants to mark a particular point in a oil chart, maybe to mark the time they bought a oil instrument or sold a crude oil. To insert this vertical line on a Oil Trading chart, a trader will open the insert menu, as shown above, then click on "Vertical Line" option - to select this, cursor will also change to show vertical line icon, then select point on the Oil Trading chart where you want to draw this line.
Insert a Vertical To a Crude Oil Chart on MT4 Software
Horizontal Line
On MetaTrader 4 Oil trade platform, this line is placed on a Oil Trading chart in order to mark a resistance level or a support level on crude oil chart. The horizontal line can be drawn by selecting its button key within insert menu and clicking on level where you want to place it.
Drawing a Horizontal Line on MT4 Software
On the oil example above this horizontal line is drawn at crude oil price support point, the crude oil price bounces up the second time that it gets to this point. Oil trend then changes to upward oil trend direction.
Oil Trend Line
This is one of the most oftenly used technical analysis tool in oil trading. To draw this oil trend line a trader can access this button from the insert menu. An upward oil trend line in MetaTrader 4 platform is shown below.
Oil Trend Line Drawn in MetaTrader 4 Software
To draw a oil trend line a trader has to have two points and join these points with the oil trend line and then extend it as shown above.
A trader can draw this oil trend line for either an upward oil trend direction or downward oil trend direction
Oil Trend Line by Angle
The next option is to draw a oil trend by angle, this one looks exactly like the ordinary oil trend-line shown above, only that in addition it will show the angle at which the oil trend line is slanting which many trades may 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 specific item for examples let use the "Oil Trendline" study, if you want to edit its properties then you can choose it by double-clicking on it, then right-click on it & the following menu will show.
Changing
Common Properties
After the above menu appears (Note the oil 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 "Oil Trendline Properties", the following popup window panel will pop-up.
From this menu a trader can rename the oil 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 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 oil trend line up to the point where you have chosen. Download the MetaTrader software to learn what this we are talking about.
Visualization
Visualization is used to choose whether the line is displayed on all timeframes or only shown on a select few time-frames that a trader can choose and select from this option as shown below.
Customizing Tools MT4 Studies
