Insert Andrew's Pitch Fork, Cycle Lines, Text & Text Label on Trading Chart

The last 4 options on the MT4 indices software insert menu are:

1. Andrew's Pitch Fork
2. Cycle Lines
3. Text
4. Text Label

These are shown below:

Insert Menu Options in MetaTrader 4

Andrew's Pitchfork

The Andrew's Pitchfork is drawn between 3 points first point is mid point of trading price, the next is the upper point of price and third is lower point of trading price. This draws Three parallel lines that form a channel. Indices Price should indices trend within this channel, if trading price moves outside of this channel like in trading example explained below the trade should be closed.

Andrew's Pitchfork in MetaTrader 4

Cycle Lines

Cycle lines are vertical lines drawn at an equal distance representing market trading cycles. To draw these lines a trader chooses one continuous trend & draws a line between the high and low of the trend and then this MetaTrader 4 indicator automatically plots the cycle line, these lines represent market cycles.

Cycle Lines Meta Trader 4 Technical Indicator

Text & Text Label

As a trader you may want to mark a indices trading price level on your stock indices 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 popup appears prompting you to put the text of the label. To edit the text label double-click on it and then this popup will appear again and edits can be made from this window.

Text & Text Labels in MetaTrader 4

From the above example buy is a text and sell is a text label, both aren't much different only that the text will move with the trading chart, while the text label is fixed at one point and won't move with the chart.