Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on Gold Trading Chart
The last 4 options on the MetaTrader 4 xauusd platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of gold price, the next is the upper point of gold price & the third is lower point of gold price. This draws three parallel lines that form a channel. XAUUSD Price should xauusd trend within this channel, if gold price moves outside of this channel like in xauusd example shown below the trade should be closed.
Andrew's Pitchfork on MT4
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To plot these lines a trader selects one continuous xauusd trend & draws a line between the high & low of the xauusd trend and then this MT4 technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text & Text Label
As a trader you may want to mark a gold price level on your gold chart. To do this you can use either the text or text labels, Select any of this button key, select where to place these labels after which a pop up appears prompting you to input the text of the label. To edit the text label double-click on it and then this pop up will appear again and edits can be made from this window.
Text and Text Labels on MT4
From the above example 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.
