Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on Oil Trading Chart
The last 4 options on the MT4 oil software insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MT4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of oil price, the next is the upper point of crude oil price and third is the lower point of oil price. This draws 3 parallel lines that form a channel. Oil Trading Price should oil trend within this channel, if crude oil price moves outside of this channel like in the crude oil trading example explained below the trade should be closed.
Andrew's Pitchfork in 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 oil trend & draws a line between the high & low of the oil trend and then this MetaTrader 4 technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MetaTrader 4 Technical Indicator
Text & Text Label
As a trader you may want to mark a oil price level on your crude oil 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 input 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 window.
Text & Text Labels on MetaTrader 4
From the above example the buy is a text & 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.
