Insert Shapes on Stock Index Charts on the MetaTrader 4 Platform
To place shapes on the MetaTrader 4 stock index trading platform, a trader can use the Insert Menu & use the insert shapes button key that is shown & illustrated below.
Insert Shapes on MT4
The options of which shapes that can be drawn on the MetaTrader 4 platform are:
- Rectangle
- Triangle
- Ellipse
Draw Rectangle on Stock Indices Trading Chart
To draw a rectangle on mMT4 stock indices charts, a trader will choose the rectangle button and then choose between which points on a Stock Indices Trading 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 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.
Drawing Rectangle Shape on MT4 Stock Indices Charts
Rectangle shape is used to plot a consolidation range pattern where stock index price breakout to one side will mean stock index price movement will continue in that direction, as shown above, when the 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 MT4 stock index chart, select 3 points, point 1, 2 and 3 after which the triangle is drawn within these three selected chart points. To adjust the triangle, just double click this triangle, then select the square buttons appearing on the edges as shown below and adjust the triangle points.
Drawing Triangle on Stock Index Charts in MT4
Draw Ellipse
To plot the ellipse shape, follow the guide-lines below:
- Select the Ellipse button key as displayed above
- On the chart choose point 1 & 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 & drag this square & the ellipse will be adjusted as shown below.
Drawing Ellipse Shape on MT4 Stock Index Charts on MT4