Insert Andrew's Pitch-fork, Cycle Lines, Text & Text Label on Trading Chart

The last 4 options on the MetaTrader 4 stock index trading software insert menu are:

1. Andrew's Pitch-fork
2. Cycle Lines
3. Text
4. Text Label

These are revealed below:

Insert Menu Options on MetaTrader 4

Andrew's Pitchfork

The Andrew's Pitchfork is drawn between three points first point is the middle point of stock index price, the next is the upper point of stock index price & the third is lower point of stock index price. This draws Three parallel lines that form a channel. Indices Price should trend within this channel, if stock index price moves outside of this channel like in the example illustrated below the trade should be closed.

Andrew's Pitchfork in MetaTrader 4

Cycle Lines

Cycle lines are vertical lines drawn at an equal distance representing market cycles. To plot these lines a trader chooses one continuous trend and draws a line between the high & low of the trend and then this MT4 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 price level on your 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 type the text of the label. To edit the text label double-click on it & then this pop up will appear again & edits can be done from this pop up window.

Text and Text Labels on MetaTrader 4

From the example above the buy is a text & the sell is a text label, both are not much different only that the text will move with the trading chart, while the text label is fixed at one point & won't move with the chart.