Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on FX Trading Chart
The last 4 options on the MetaTrader 5 Forex platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 5 Online Forex Trading Platform
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of price, the next is the upper point of forex price and the third is the lower point of price. This draws three parallel lines that form a channel. Price should forex trend within this channel, if forex price moves outside of this channel like in the forex trading example below the trade should be closed.
Andrew's Pitchfork on MetaTrader 5
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a forex trader selects one continuous forex trend and draws a line between the high and low of the forex trend and then this MT5 indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT5 Indicator
Text and Text Label
As a forex trader you may want to mark a forex price level on your Forex trading 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.
Text and Text Labels on MetaTrader 5
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.
