Inserting Line Studies Tools on the MetaTrader 4 XAUUSD Platform
The next option on the Insert menu within the MetaTrader 4 xauusd trading platform is the Line Studies Button. These tools are used to insert and draw xauusd trend lines or to place various technical analysis tools on XAUUSD charts. This button is shown below:
Line Studies on MetaTrader 4 XAUUSD Trading Platform
The button can be used to insert the following on the XAUUSD Trading charts:
- Vertical Line
- Horizontal Line
- XAUUSD Trend Line
- XAUUSD Trend by Angle
A XAUUSD trader may require to draw any of these line studies on XAUUSD Trading charts for different purposes; each line study will be placed on the chart depending on the type of analysis that a xauusd trader want to achieve.
Vertical Line
This is placed on a XAUUSD Trading chart when a xauusd trader wants to mark a specific point in a xauusd chart, maybe to mark the time they bought a xauusd instrument or sold a xauusd. To insert this vertical line on a XAUUSD Trading chart, a xauusd trader will open the insert menu, as shown above, then click on the "Vertical Line" option - to select this, the cursor will also change to show vertical line icon, then select the point on the XAUUSD Trading chart where you want to draw this line.
Insert a Vertical To a Gold Chart on MT4 XAUUSD Trading Platform
Horizontal Line
On the MetaTrader 4 XAUUSD trade platform, this line is placed on a XAUUSD Trading chart so as to mark a resistance level or a support level on the gold chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MetaTrader 4 XAUUSD Trading Platform
On the xauusd example above this horizontal line is drawn at gold price support point, the gold price bounces up the second time that it gets to this point. The xauusd trend then changes to upward xauusd trend direction.
XAUUSD Trend Line
This is one of the most commonly used technical analysis tool in xauusd trading. To draw this xauusd trend line a XAUUSD trader can access this button from the insert menu. An upward xauusd trend line on MetaTrader 4 gold trading platform is shown below.
XAUUSD Trend Line Drawn on MetaTrader 4 XAUUSD Trading Platform
To draw a xauusd trend line a XAUUSD trader has to have two points and join these points with the xauusd trend line and then extend it as shown above.
A xauusd trader can draw this xauusd trend line for either an upward xauusd trend direction or downward xauusd trend direction
XAUUSD Trend Line by Angle
The next option is to draw a xauusd trend by angle, this one looks exactly like the ordinary xauusd trend line shown above, only that in addition it will show the angle at which the xauusd trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a xauusd trader you may want to change the formatting of a specific item for example let use the "XAUUSD Trend Line" study, if you want to edit its properties then you can select it by double clicking on it, then right click on it and the following menu will show.
Changing
Common Properties
After the above menu appears (Note the xauusd trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only "XAUUSD Trend line Properties", the following popup window will appear.
From this menu a xauusd trader can rename the xauusd trend line, give it a description, 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 color button, and then select okay.
The other options are marked "Parameters" and "Visualization"
Parameters
On the parameter, tick/untick the option marked as "Ray", this will extend/unextend the xauusd trend line up to the point where you have selected. Download the MetaTrader to learn what this we are talking about.
Visualization
Visualization is used to select whether the line is shown on all time frames or only shown on a select few time frames that a xauusd trader can choose and select from this option as shown below.
Customizing Tools MetaTrader 4 Studies
