Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on Stocks Chart
The last 4 options on the MT5 stock trading software insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is middle point of stocks price, the next is the upper point of stocks price & the third is lower point of stocks price. This draws 3 parallel lines that form a channel. Stocks Price should stocks trend within this channel, if stocks price moves outside of this channel like in stocks example illustrated and explained below the trade should be closed.
Andrew's Pitchfork on MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market trading cycles. To draw these lines a trader selects one continuous stocks trend & draws a line between the high and low of the stocks trend and then this MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text and Text Label
As a trader you might want to mark a stocks price level on your stock trading chart. To do this you can use either the text or text labels, Select any of this button key, choose 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 and then this pop up will appear again & edits can be made on this window.
Text and Text Labels on MetaTrader 5
From the above example the buy is a text and 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 & will not move with the chart.
