Insert Andrew's Pitch Fork, Cycle Lines, Text & Text Label on Chart
The last four options on the MT4 indices software insert menu are:
- Andrew's Pitch Fork
- Cycle Lines
- Text
- 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 price, the next is the upper point of price and third is lower point of price. This draws Three parallel lines that form a channel. Indices Price should trend within this channel, if trading price moves outside signal of the channel like in 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 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 Indicator
Text & Text Label
As a trader you may want to mark a price level on your stock chart. To do this you can use either 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 chart, while the text label is fixed at one point and won't move with the chart.
