Insert Shapes on Charts on the MT4 Trading Software

To place shapes on the MT4 platform, a trader can use the Insert Menu and use the insert shapes button that is shown below.

Insert Shapes in MetaTrader 4

Options of which shapes that can be plotted on the MT4 platform are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Chart

To draw a rectangle in MetaTrader 4 charts, a trader will select the rectangle button key & then select between which points on a chart to draw this rectangle. To adjust a triangle that has already been plotted, a 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 on MT4 Charts

The rectangle shape is used to draw a consolidation range pattern where price break out to one side will mean price movement will continue in that direction, as shown above, when the price breaks out upwards it continues to move in that direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT4 xagusd chart, select 3 points, point 1, two & Three after which the triangle is plotted 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 Charts in Meta Trader 4 Trading Software

Draw Ellipse

To draw the ellipse shape, follow the procedure below:

1. Choose the Ellipse button as shown above
2. On the chart select point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
3. Doubleclick the ellipse using the small squares at the middle, click, hold and drag this square & the ellipse will be adjusted as displayed below.

Drawing Ellipse Shape on MT4 XAGUSD Charts in Meta Trader 4