Inserting Line Studies Tools on the MetaTrader 4 Platform
The next option on the Insert menu within the MetaTrader 4 xauusd trading software is Line Studies Button. These tools are used to insert and draw xauusd trend-lines or to place various technical analysis tools on XAUUSD charts. This button is shown below:
Line Studies on MT4
The button key can be used to insert the following on XAUUSD Trading charts:
- Vertical Line
- Horizontal Line
- XAUUSD Trend Line
- XAUUSD Trend by Angle
A trader may need to draw any of these line studies on XAUUSD Trading charts for different purposes: each line study will be placed on the trading chart depending on the type of analysis that a trader want to achieve.
Vertical Line
This is placed on a XAUUSD Trading chart when a trader wants to mark a particular point in a xauusd chart, maybe to mark the time they bought a xauusd instrument or sold a xauusd. To insert this vertical line on a XAUUSD Trading chart, a trader will open the insert menu, as shown above, then click on the 'Vertical Line' option - to select this, the cursor will also change to show vertical line icon and then select the point on the XAUUSD chart where you want to draw this line.
Insert a Vertical To a Gold Chart on MetaTrader 4
Horizontal Line
On MT4 XAUUSD trade platform, this line is placed on a XAUUSD Trading chart so as to mark a resistance level or a support level on the gold chart. The horizontal line can be drawn by selecting its button key within insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MT4
On the xauusd example above this horizontal line is drawn at gold price support point, the gold price bounces up the second time that it gets to this point. The xauusd trend then changes to upward xauusd trend direction.
XAUUSD Trend Line
This is one of the most commonly used technical analysis tool in xauusd trading. To draw this xauusd trend line a trader can access this button key from the insert menu. An upwards xauusd trend line on MT4 is shown below.
XAUUSD Trend Line Drawn on MetaTrader 4
To draw a xauusd trend line a trader has to have two points & join these points with the trend line and then extend it as displayed above.
A trader can draw this xauusd trend line for either an upward xauusd trend direction or downward xauusd trend direction
XAUUSD Trend Line by Angle
The next option is to draw a xauusd trend by angle, this one looks exactly like the ordinary xauusd trendline shown above, only that in addition it'll show the angle at which the trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a trader you might want to change the formatting of a specific item for example let use "XAUUSD Trend-Line" study, if you want to edit its properties then you can select 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 "XAUUSD Trend-line Properties", the following pop up window will appear.
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 buttons next to the color button, and then select okay.
The other options are marked "Parameters" & "Visualization"
Parameters
On parameter, tick/untick the option marked as "Ray", this will extend/unextend the trendline up to the point where you've selected. Download the MetaTrader software to learn what this we are talking about.
Visualization
Visualization is used to choose whether the line is shown on all timeframes or only shown on a choose few time-frames that a trader can select & choose from this option as illustrated below.
Customizing Tools MetaTrader 4 Studies
