Inserting Line Studies Tools on the MT4 Stock Trading Platform
The next option on the Insert menu within the MT4 stock trading platform is the Line Studies Button. These tools are used to insert and draw stock trend lines or to place various technical analysis tools on Stock charts. This button is shown below:
Line Studies on MT4
The button can be used to insert the following on the Stock charts:
- Vertical Line
- Horizontal Line
- Stock Trend Line
- Stock Trend by Angle
A Stock trader may require to draw any of these line studies on Stock charts for different purposes; each line study will be placed on the chart depending on the type of analysis that a stock trader want to achieve.
This is placed on a Stock chart when a stock trader wants to mark a specific point in a stocks trading chart, maybe to mark the time they bought stock or sold stock. To insert this vertical line on a Stocks chart, a stock trader will open the insert menu, as shown above, then click on the “Vertical Line” option - to select this, the cursor will also change to show vertical line icon, then select the point on the Stock chart where you want to draw this line.
Insert a Vertical To a Stock Trading Chart on MetaTrader 4
On the MT4 Stock trade platform, this line is placed on a Stock chart so as to mark a resistance level or a support level on the stocks trading chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MT4
On the stocks trading 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. The stock trend then changes to upward stock trend direction.
Stock Trend Line
This is one of the most commonly used technical analysis tool in stock trading. To draw this stock trend line a Stock trader can access this button from the insert menu. An upward stock trend line on MT4 stocks trading platform is shown below.
Stock Trend Line Drawn on MetaTrader 4
To draw a stock trend line a Stock trader has to have two points and join these points with the stock trend line and then extend it as shown above.
Stock Trend Line by Angle
The next option is to draw a stock trend by angle, this one looks exactly like the ordinary stock trend line shown above, only that in addition it will show the angle at which the stock 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.
As a stock trader you may want to change the formatting of a specific item for example let use the “Stock 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 and the following menu will show.
After the above menu appears (Note the stock 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 “Stock Trend line Properties”, the following popup window will appear.
From this menu a stock trader can rename the stock 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”
On the parameter, tick/untick the option marked as “Ray”, this will extend/unextend the stock trend line up to the point where you have selected. Download the MetaTrader to learn what this we are talking about.
Visualization is used to select whether the line is shown on all time frames or only shown on a select few time frames that a stock trader can choose and select from this option as shown below.
Customizing Tools MT4 Studies