Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on Commodity Chart
The last 4 options on the MT5 commodity platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MetaTrader 5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of commodity price, the next is the upper point of commodity price & the third is lower point of commodity price. This draws 3 parallel lines that form a channel. Commodity Trading Price should commodity trend within this channel, if commodity price moves outside of this channel like in commodities trading example illustrated and shown below trade should be closed.
Andrew's Pitchfork in MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader selects one continuous commodity trend and draws a line between the high & low of the commodity 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 commodity price level on your commodities 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 pop up appears prompting you to input the text of the label. To edit the text label double click on it & then this pop up will appear again and edits can be done from this pop up window.
Text & Text Labels in MetaTrader 5
From the example above the buy is a text & 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 & won't move with the chart.
