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