Trade Bitcoin Trading

Insert Andrews Pitch Fork, Cycle Lines, Text & Text Label on BTCUSD Chart

The last 4 options on the MT4 bitcoin software insert menu are:

  1. Andrews Pitch Fork
  2. Cycle Lines
  3. Text
  4. Text Label

These are illustrated below:

Insert Andrews Pitch Fork, Cycle Lines, Text & Text Label on MT4

Insert Menu Options in MT4 Platform Software

Andrews Pitchfork

The Andrew's Pitch Fork is constructed using three key points: the midpoint of the Bitcoin price, the peak price, and the lowest price of Bitcoin. This process creates three parallel lines, establishing a channel. The Bitcoin price should ideally trend within this channel: if it breaks out, as illustrated in the cryptocurrency example below, it signals that the trade should be terminated.

Insert Andrew's Pitchfork, Cycle Lines, Text Label on Charts in MT4

Andrew's Pitchfork in the MT4 Platform

Cycle Lines

Cycle lines are vertical markers that are spaced evenly to indicate market cycles. To create these lines, a trader selects a prevailing bitcoin trend and connects a line between the highest and lowest points of that trend. Then, the MT4 cryptocurrency technical indicator automatically generates the cycle line, representing the various market cycles.

Draw Cycle Lines on Crypto Currency Chart in MetaTrader 4 - How to Read and Interpret MT4 Charts New Traders Guide

Cycle Lines MT4 Indicator

Text & Text Label

Should you need to place a specific Bitcoin price marker on your crypto chart, you have two primary methods: utilizing text or employing text labels. Select whichever function you prefer, click on the desired location on the chart, and a dialogue box will appear prompting you to input the intended label text. To modify an existing text label, simply double-click on it: this action will reopen the input window, allowing for necessary edits.

Place Text and Text Label on Crypto Currency Chart in MT4

Text and Text Labels on the MetaTrader 4 Platform

From the above illustration the buy is a text & sell is a text label, both aren't much different the only difference is that the specified text will move along with the chart, while the text label is fixed at one point & won't move with the chart.

More Tutorials & Topics:

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