Inserting Line Studies Tools on the MT4 Platform

The next option on the Insert menu within MetaTrader 4 bitcoin platform is Line Studies Button. These tools are used to insert and draw bitcoin trendlines or to place various analysis tools on Bitcoin charts. This button is depicted below:

Line Studies on the MT4 Platform

The button can be used to insert the following on the Bitcoin charts:

Vertical Line
Horizontal Line
Bitcoin Trend Line
Bitcoin Trend by Angle

A trader may need to draw any of these line studies on Bitcoin charts for different trading or analysis purposes: each line study will be added on the chart depending on the type of analysis that a trader want to achieve.

Vertical Line

This is set on Bitcoin chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought bitcoin or sold bitcoin crypto. To insert this vertical line on Crypto Currency chart, a bitcoin trader will open the insert menu, like as shown above, then click on the 'Vertical Line' option - to choose this, cursor will also change to show vertical line icon and then choose and select the point on the Bitcoin chart where you as a trader want to draw this line.

Insert a Vertical To a Bitcoin Chart on MT4 Platform Software

Horizontal Line

On the MetaTrader 4 Bitcoin trade platform, this line is set on Bitcoin chart so as to mark a resistance level or a support level on the chart. The horizontal line can be drawn by selecting its button key within insert menu and then pressing on the level where you as the trader want to place it.

Drawing a Horizontal Line in MT4 Platform Software

On the cryptocurrency illustration revealed above this horizontal line is drawn at bitcoin price support level, the bitcoin price bounces up the second time that it gets to this point. Bitcoin trend then changes to upwards bitcoin trend direction.

Bitcoin Trend Line

This is one of the most often used analysis tool in bitcoin trading. To draw this bitcoin trend line a btc/usd trader can get this button from the insert menu. An upward btcusd ==22==trend--linetrend-linetrendline in MT4 is shown below.

Bitcoin TrendLine Drawn in the MT4

To draw a btcusd crypto trendline a trader has to have two points and join these points with the bitcoin trend line and then extend it like shown above.

One can draw this bitcoin trend line for either an upward btcusd trend direction or downward bitcoin trend direction

Bitcoin TrendLine by Angle

Next option is to draw a bitcoin trend by angle, this one resembles the ordinary bitcoin trendline shown above, only that in addition it'll show the angle at which the bitcoin trend line is slanting which many trade transactions may use as a signal & specify to only trade if the angle is more than 30 degrees.

Customizing

As a trader you might want to change the output format of a specific item e.g. let use the "Bitcoin Trendline" study, if you want to edit its properties then you can select it by doubleclicking on it, then right-click the it & the following menu will show.

Changing

Common Properties

After the above menu pops up (Note the bitcoin trend line has three square points which you can click and drag using your mouse to adjust it to another point using these 3 squares), select the first option only "Bitcoin Trendline Properties", the following pop-up window will pop-up.

From this menu one can rename the bitcoin trend line, give it a explanation, 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 colour button, and then choose okay.

Other options are marked "Parameters" and "Visualization"

Parameters

On the parameter, tick/untick the option/choice labeled and marked as "Ray", this will extend/unextend the btcusd trend line up to the point where you've selected. Download MetaTrader trading platform to learn and know what this we're talking about.

Visualization

Visualization is used to choose & select whether the line is displayed on all time-frames or only shown & displayed on a select few time frames that a trader can choose and select from this option like is shown below.

Customizing Tools MetaTrader 4 Studies

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