Insert Shapes on Charts on the MetaTrader 5 Platform
To place shapes on the MetaTrader 5 Forex trading platform, a trader can use the Insert Menu and use the insert shapes button that is shown below.
Insert Shapes on Forex Trading Platform MetaTrader 5
The options of which shapes that can be drawn on the MetaTrader 5 platform are:
- Rectangle
- Triangle
- Ellipse
Draw Rectangle on FX Trading Chart
To draw a rectangle on MT5 charts, a forex trader will select the rectangle button and then select between which points on a Forex chart to draw this rectangle. To adjust a triangle that has already been drawn, a trader can also double click anywhere on this shape and then select the square MT5 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.
Drawing Rectangle Shape on MetaTrader 5 Forex Charts
The rectangle shape is used to draw a consolidation range pattern where forex price breakout to one side will mean forex price movement will continue in that direction, as shown above, when the FX price breaks out upwards it continues to move in that direction.
Draw Triangle
To draw a triangle, a trader can select the triangle button and then on the MT5 chart, select 3 points, point 1, 2 and 3 after which the triangle is plotted within these three selected chart points. To adjust the triangle, just double click this triangle, then select the square MT5 buttons appearing on the edges as shown below and adjust the triangle points.
Drawing Triangle on Forex Charts in MetaTrader 5
Draw Ellipse
To draw the ellipse shape, follow the steps below:
- Select the Ellipse button as shown above
- On the chart select point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
- Double click the ellipse using the small squares at the middle, click, hold and drag this square and the ellipse will be adjusted as shown below.
Drawing Ellipse Shape on MetaTrader 5 Forex Charts on MT5
