Trade Stock Indices

Learn Stock Indices Trading for Beginners Tutorials

Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label

The last 4 options on the MT5 indices trading platform insert menu are:

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

These are shown below:

Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on MT5 - MT5 Platform Insert Andrew's Pitchfork, Index Charts Cycle Lines, Index Chart Text Label in MT5

Insert Menu Options on MT5

Andrew's Pitchfork

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

Andrew's Pitchfork on Stock Indices Chart in MT5 - MT5 Stock Index Trading Platform Insert Andrew's Pitchfork, Stock Index Charts Cycle Lines, Stock Index Chart Text Label in MetaTrader 5

Andrew's Pitchfork on MT5

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Cycle Lines

Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a indices trader selects one continuous indices trend and draws a line between the high and low of the indices trend and then this MetaTrader 5 stock indices indicator automatically plots the cycle line, these lines represent market cycles.

Draw Cycle Lines on Stock Indices Chart in MT5 - MetaTrader 5 Indices Trading Software Insert Andrew's Pitchfork, Indices Charts Cycle Lines, Indices Chart Text Label on MT5

Cycle Lines MetaTrader 5 Stock Indices Indicator

Text and Text Label

As a indices trader you may want to mark a indices 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 input 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 on this window.

How to Place Text and Text Label on Indices Chart in MT5

Text and Text Labels on MT5

From the above example the buy is a text and the sell is a text label, both are not much different only that the text will move with the chart, while the text label is fixed at one point and will not move with the chart.

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