Inserting Line Studies Tools on the MT4 Indices Trading Platform
The next option on the Insert menu within the MT4 indices trading platform is the Line Studies Button. These tools are used to insert and draw indices trend lines or to place various technical analysis tools on Indices charts. This button is shown below:
Line Studies on MT4
The button can be used to insert the following on the Indices charts:
- Vertical Line
- Horizontal Line
- Indices Trend Line
- Indices Trend by Angle
A Indices trader may require to draw any of these line studies on Indices charts for different purposes; each line study will be placed on the chart depending on the type of analysis that a indices trader want to achieve.
This is placed on a Indices chart when a indices trader wants to mark a specific point in a stock indexes trading chart, maybe to mark the time they bought indices or sold indices. To insert this vertical line on a Stock Indexes chart, a indices trader will open the insert menu, as shown above, then click on the “Vertical Line” option - to select this, the cursor will also change to show vertical line icon, then select the point on the Indices chart where you want to draw this line.
Insert a Vertical To a Indices Trading Chart on MetaTrader 4
On the MT4 Indices trade platform, this line is placed on a Indices chart so as to mark a resistance level or a support level on the stock indexes trading chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MT4
On the stock indexes trading example above this horizontal line is drawn at stock indexes price support point, the stock indexes price bounces up the second time that it gets to this point. The indices trend then changes to upward indices trend direction.
Indices Trend Line
This is one of the most commonly used technical analysis tool in indices trading. To draw this indices trend line a Indices trader can access this button from the insert menu. An upward indices trend line on MT4 stock indexes trading platform is shown below.
Indices Trend Line Drawn on MetaTrader 4
To draw a indices trend line a Indices trader has to have two points and join these points with the indices trend line and then extend it as shown above.
Indices Trend Line by Angle
The next option is to draw a indices trend by angle, this one looks exactly like the ordinary indices trend line shown above, only that in addition it will show the angle at which the indices 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.
As a indices trader you may want to change the formatting of a specific item for example let use the “Indices Trend Line” study, if you want to edit its properties then you can select it by double clicking on it, then right click on it and the following menu will show.
After the above menu appears (Note the indices 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 “Indices Trend line Properties”, the following popup window will appear.
From this menu a indices trader can rename the indices 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”
On the parameter, tick/untick the option marked as “Ray”, this will extend/unextend the indices trend line up to the point where you have selected. Download the MetaTrader to learn what this we are talking about.
Visualization is used to select whether the line is shown on all time frames or only shown on a select few time frames that a indices trader can choose and select from this option as shown below.
Customizing Tools MT4 Studies