Inserting Line Studies Tools on the MT5 Platform
The next option on the Insert menu within the MT5 indices platform is Line Studies Button. These tools are used to insert and draw indices trend lines or to place various stock indices technical analysis tools on Indices charts. This button is shown below:
Line Studies on MetaTrader 5
The button can be used to insert the following on the Indices Trading charts:
- Vertical Line
- Horizontal Line
- indices trend Line
- indices trend by Angle
A trader may require to draw any of these line studies on Indices Trading charts for different purposes: each line study will be placed on chart depending on the type of analysis that a trader want to achieve.
Vertical Line
This is placed on a Indices Trading chart when a trader wants to mark a specific point in a stock indices chart, maybe to mark the time they bought indices instrument or sold indices. To insert this vertical line on a Indices Trading chart, a trader will open insert menu, as shown above, then click on 'Vertical Line' option - to choose this, cursor will also change to show vertical line icon and then choose point on Indices chart where you want to draw this line.
Insert a Vertical To a Indices Chart on MetaTrader 5
Horizontal Line
On MT5 Indices trade platform, this line is placed on a Indices Trading chart so that to mark a resistance level or a support level on stock indices chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on level where you want to place it.
Drawing a Horizontal Line in MetaTrader 5
On the stock indices trading example above this horizontal line is drawn at stock indices price support point, the stock indices price bounces up the second time that it gets to this point. The indices trend then changes to upward indices trend direction.
indices trend Line
This is one of the most commonly used stock indices technical analysis tool in indices trading. To draw this indices trend line a trader can access this button from the insert menu. An upwards indices trend line on MT5 is shown below.
indices trend Line Drawn on MetaTrader 5
To draw a indices trend line a trader has to have 2 points and join these points with the trend line & then extend it as shown above.
A trader can draw this indices trend line for either an upward indices trend direction or downward indices trend direction
indices trend Line by Angle
The next option is to draw a indices trend by angle, this one looks exactly like the ordinary indices trendline shown above, only that in addition it will show the angle at which the trend line is slanting which many stock indices trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a trader you may want to change the formatting of a specific item for examples let use " indices trend Line" study, if you want to edit its properties then you can choose it by double-clicking on it, then right click on the it & the following menu will show.
Changing
Common Properties
After the above menu pops up (Note the trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only " indices trend line Properties", the following popup panel will pop-up.
From this menu a trader can rename the trend line, give it a description, change the style color to another color using the down arrow next to the color named "Blue" above or change the width property by selecting a different style from the 2 drop down arrow MT5 buttons next to the color button, and then select okay.
Other options are marked "Parameters" & "Visualization"
Parameters
On parameter, tick/untick the option marked as "Ray", this will extend/unextend the trend line up to the point where you have chosen. Download the MetaTrader platform to learn what this we are talking about.
Visualization
Visualization is used to select whether the line is displayed on all time-frames or only shown on a choose few time frames that a trader can select & select from This MetaTrader 5 option as displayed below.
Customizing Tools MetaTrader 5 Studies
