Inserting Line Studies Tools on the MT5 Platform
The next option on the Insert menu within the MT5 stock trading platform is Line Studies Button. These tools are used to insert & draw stocks trend lines or to place various stocks technical analysis tools on Stocks charts. This button is shown below:
Line Studies on MetaTrader 5
The button can be used to insert the following on the Stocks 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 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 chart when a trader wants to mark a particular point in a stocks chart, maybe to mark the time they bought stocks trading instrument or sold stocks. To insert this vertical line on a Stock 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 in MT5
Horizontal Line
On MetaTrader 5 Stocks trade platform, this line is placed on a Stocks 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 5
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 stocks technical analysis tool in stock trading. To draw this stocks trend line a trader can access this button from the insert menu. An upward stocks trend line in MetaTrader 5 platform is shown below.
stocks trend Line Drawn in MT5
To draw a stocks trend line a trader has to have 2 points & join these points with the trend line & 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 displayed above, only that in addition it will show the angle at which the trend line is slanting which many stock 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 particular item for example let use " stocks trend Line" study, if you want to edit its properties then you can select it by double-clicking on it, then right click on it & the following menu will show.
Changing
Common Properties
After the above menu appears (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 trend line Properties", the following pop up panel will appear.
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 MT5 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 time-frames that a trader can choose and select from This MT5 option as shown below.
Customizing Tools MetaTrader 5 Studies
