Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on CFD Trading Chart
The last 4 options on the MT5 cfds platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 5
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 & the third is lower point of cfd price. This draws 3 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 MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market trading 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 MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text and Text Label
As a trader you may 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, 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 from this popup window.
Text and Text Labels on MetaTrader 5
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 won't move with the chart.
