Trade Stock Indices

Insert Andrews Pitchfork, Cycle Lines, Text and Text Label in a Chart

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

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

These are illustrated below:

Insert Andrews Pitch Fork, Cycle Lines, Text & Text Label on MT4

Insert Menu Options in MetaTrader 4 Platform

Andrew's Pitchfork

Andrew's Pitchfork is drawn using three points: the first is the middle of the price, the next is the highest point of the price, and the third is the lowest point of the price. This creates 3 lines that are parallel and form a channel. The price of indices should follow this channel. If the price goes outside of the channel, like in the example below, the trade should be stopped.

Andrew's Pitchfork on Chart in MT4

Andrew's Pitchfork in the MT4 Platform

Cycle Lines

Cycle lines consist of vertical lines drawn at regular intervals representing market cycles. To create these lines, a trader selects a continuous trend and draws a line connecting the trend's high and low points: the MT4 technical indicator then automatically generates the cycle line, reflecting the market cycles.

Draw Cycle Lines on Chart in MT4

Cycle Lines MT4 Indicator

Text and Text Label

Traders might need to note a price on a stock chart. Use the text or label tool for this. Pick the button, then choose the spot. A box pops up to enter the label text. To change it, double-click the label. The box returns for edits.

Place Text and Text Label in Chart on MT4 - Insert Menu Options in MT4

Text & Text Labels in the MT4 Platform

Here's the deal: “buy” and “sell” are both text objects. The only real difference is that regular text moves along with the chart, while a text label stays stuck in one spot. Simple as that.

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