Insert Andrew’s Pitchfork, Cycle Lines, Text and Text Label
The last 4 options on the MT4 stock trading platform insert menu are:
- Andrew’s Pitchfork
- Cycle Lines
- Text Label
These are shown below:
Insert Menu Options on MT4
The Andrew’s Pitchfork is drawn between three points first point is the middle point of stock price, the next is the upper point of stocks price and the third is the lower point of stock price. This draws three parallel lines that form a channel. Stock Price should stock trend within this channel, if stocks price moves outside of this channel like in the stocks trading example explained below the trade should be closed.
Andrew’s Pitchfork on MT4
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a stock trader selects one continuous stock trend and draws a line between the high and low of the stock trend and then this MetaTrader 4 stock indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MetaTrader 4 Stocks Indicator
Text and Text Label
As a stock trader you may want to mark a stock price level on your stocks trading chart. To do this you can use either the text or text labels, Select any of this button, 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 and then this popup will appear again and edits can be made on this window.
Text and Text Labels on MT4
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 and will not move with the chart.