Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on Indices Trading Chart
The last 4 options on the MetaTrader 4 stock index trading software 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 stock index price, the next is the upper point of stock index price & the third is lower point of stock index price. This draws 3 parallel lines that form a channel. Indices Price should stock indices trend within this channel, if stock index price moves outside of this channel like in the stock indices example illustrated 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 stock indices trend and draws a line between the high & low of the stock indices 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 stock index price level on your stock index 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 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 MT4
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 chart, while the text label is fixed at one point & won't move with the chart.
