Inserting Line Studies Tools on the MT4 Platform
The next option on the Insert menu within the MT4 stock trading software is Line Studies Button. These tools are used to insert & draw stocks trendlines or to place various technical analysis tools on Stocks charts. This button is shown below:
Line Studies on MetaTrader 4
The button key can be used to insert the following on the Stocks Trading charts:
- Vertical Line
- Horizontal Line
- Stocks Trend Line
- Stocks Trend by Angle
A trader might require to draw any of these line studies on Stocks Trading charts for different purposes: each line study will be placed on the chart depending on the type of analysis that a trader want to achieve.
Vertical Line
This is placed on a Stocks Trading chart when a trader wants to mark a particular point in a stocks chart, maybe to mark the time they bought a stocks instrument or sold a stocks. To insert this vertical line on a Stocks Trading chart, a trader will open the insert menu, as shown above, then click on "Vertical Line" option - to choose this, the cursor will also change to explain vertical line icon and then select point on the Stocks chart where you want to draw this line.
Insert a Vertical To a Stock Chart on MT4
Horizontal Line
On MetaTrader 4 Stocks trade platform, this line is placed on a Stocks Trading chart so as to mark a resistance level or a support level on the stock chart. The horizontal line can be drawn by selecting its button key within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MetaTrader 4
On the stocks example above this horizontal line is drawn at stocks price support point, the stocks price bounces up the second time that it gets to this point. Stocks trend then changes to upward stocks trend direction.
Stocks Trend Line
This is one of the most commonly used technical analysis tool in stock trading. To draw this stocks trend line a trader can access this button key from the insert menu. An upward stocks trend line in MT4 platform is shown below.
Stocks Trend Line Drawn on MT4
To draw a stocks trend line a trader has to have two points & join these points with the trend line and then extend it as displayed above.
A trader can draw this stocks trend line for either an upward stocks trend direction or downward stocks trend direction
Stocks Trend Line by Angle
The next option is to draw a stocks trend by angle, this one looks exactly like the ordinary stocks trend-line shown above, only that in addition it will show the angle at which the trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a trader you might want to change the formatting of a specific item for example let use the "Stocks Trendline" study, if you want to edit its properties then you can select it by double-clicking on it, then right-click on the it & the following menu will show.
Changing
Common Properties
After the above menu pops up (Note the trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only "Stocks Trendline Properties", the following pop up window panel will pop-up.
From this menu a trader can rename the trend line, give it a description, change the style color to another color using the down arrow next to the color named "Blue" above or change the width property by selecting a different style from the 2 drop down arrow buttons next to the color button, and then select okay.
The other options are marked "Parameters" and "Visualization"
Parameters
On the parameter, tick/untick the option marked as "Ray", this will extend/unextend the trend-line up to the point where you have chosen. Download the MetaTrader software to learn what this we are talking about.
Visualization
Visualization is used to choose whether the line is displayed on all timeframes or only shown on a select few timeframes that a trader can choose and choose from this option as shown below.
Customizing Tools MetaTrader 4 Studies
