Insert Shapes on Crude Oil Trading Charts on the MT4 Oil Trading Platform
To place shapes on the MT4 oil platform, a Oil trader can use the Insert Menu and use the insert shapes button that is shown below.
Insert Shapes on MT4 Oil Software
The options of which shapes that can be drawn in the MetaTrader 4 platform are:
- Rectangle
- Triangle
- Ellipse
Draw Rectangle on Crude Oil Chart
To draw a rectangle on mMT4 oil charts, a oil trader will select the rectangle button & then choose between which points on a Oil Trading chart to draw this rectangle. To adjust a triangle that has already been drawn, a Oil trader can also double click anywhere on this shape and then select the square buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.
Drawing Rectangle Shape in MetaTrader 4 Oil Trading Charts
The rectangle shape is used to draw a consolidation range pattern where crude crude oil price break out to one side will mean crude crude oil price movement will continue in that direction, as shown above, when the crude crude oil price breaks out upwards it continues to move in that direction.
Draw Triangle
To draw a triangle, a Oil trader can select the triangle button and then on the MT4 crude oil chart, select 3 points, point 1, 2 and 3 after which the triangle is drawn within these three selected chart points. To adjust the triangle, just double click this triangle, then select the square buttons appearing on the edges as shown below and adjust the triangle points.
Drawing Triangle on Crude Oil Charts on MT4 Oil Software
Draw Ellipse
To draw the ellipse shape, follow the procedure below:
- Select the Ellipse button as displayed above
- On the chart choose point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
- Doubleclick the ellipse using the small squares at the middle, click, hold and drag this square and the ellipse will be adjusted as displayed below.
Drawing Ellipse Shape in MetaTrader 4 Oil Charts on MT4 Oil Software
