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:

Andrew's Pitch Fork
Cycle Lines
Text
Text Label

These are shown below:

Insert Menu Options in MetaTrader 4 Platform

Andrew's Pitchfork

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

Andrew's Pitchfork in the MT4 Platform

Cycle Lines

Cycle lines are vertical lines that are drawn at an equal distance representing the 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 MT4 indicator automatically plots the cycle line, these lines represent the market cycles.

Cycle Lines MT4 Indicator

Text and Text Label

As a trader you may want to mark a price level on your stock chart. To achieve this you as a trader can use either text or text label, Choose any of this button, select where to place these labels after which a pop-up appears prompting you to type in 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 the MT4 Platform

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

Study More Lessons and Tutorials and Courses:

Trade Stock Indices

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

Andrew's Pitchfork

Cycle Lines

Text and Text Label