Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on XAGUSD Trading Chart
The last 4 options on the MT4 silver trading platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of xagusd price, the next is the upper point of xagusd price & third is lower point of xagusd price. This draws three parallel lines that form a channel. Silver Price should silver trend within this channel, if xagusd price moves outside of this channel like in xagusd trading example explained and shown below the trade should be closed.
Andrew's Pitchfork in MetaTrader 4
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader selects one continuous silver trend & draws a line between the high and low of the silver trend and then this MT4 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text & Text Label
As a trader you might want to mark a xagusd price level on your xagusd trading chart. To do this you can use either the text or text labels, Select any of this button, 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 & edits can be done on this window.
Text and Text Labels in MT4
From 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 won't move with the chart.
