Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on CFDs Chart
The last 4 options on the MT4 cfds platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MT4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is middle point of cfd price, the next is the upper point of cfd price & third is lower point of cfd price. This draws three parallel lines that form a channel. CFD Price should cfd trend within this channel, if cfd price moves outside of this channel like in the cfd example explained and illustrated below the trade should be closed.
Andrew's Pitchfork on MT4
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To plot these lines a trader selects one continuous cfd trend & draws a line between the high and low of the cfd trend and then this MT4 technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text and Text Label
As a trader you might want to mark a cfd price level on your cfds trading chart. To do this you can use either the text or text labels, Select any of this button key, select where to place these labels after which a pop up 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 from this pop up window.
Text and Text Labels on MT4
From the example above 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.
