Inserting Line Studies Tools on the MT4 Platform

The next option on the Insert menu within MT4 software is Line Studies Button. These tools are used to insert and draw trend lines or to place various analysis tools on charts. This button is displayed below:

Line Studies in MT4 Platform

The button can be used to insert the following on Gold charts:

Vertical Line
Horizontal Line
Trend Line
Trend by Angle

One may need to draw any of these line studies on XAUUSD Trading charts for different trading or analysis purposes: each line study will be placed on the chart depending on the type of analysis that a trader want to achieve.

Vertical Line

This is placed on Trading chart when a trader wants to mark a specific point in a chart, maybe to mark the time they bought a instrument or sold a xauusd. To place this vertical line in Trading chart, a trader will open the insert menu, such as illustrated and shown above, then click on the 'Vertical Line' option - to choose this, the cursor will also change to show vertical line icon and then select the point on the chart where you as a trader want to draw this line.

Insert a Vertical To a Gold Chart in the MetaTrader 4 Platform

Horizontal Line

On MT4 trade platform, this line is placed on Trading chart so as to mark a resistance zone or a support level on the chart. The horizontal line can be drawn by selecting its button key within insert menu and then pressing on the level where you as a trader want to place it.

Drawing a Horizontal Line in MetaTrader 4 Platform Software

On the example revealed above this horizontal line is drawn at gold price support level, the price bounces upward the second time that it gets to this point. The trend then changes to up-ward trend direction.

Trend Line

This is one of most often used technical analysis tool in xauusd. To draw this trendline a trader can access this button key from the insert menu. An upwards trend line on MT4 is displayed below.

Trend Line Drawn in the MT4 Platform

To draw a trendline a trader has to have two points & join these points with the trendline & then extend it as is displayed above.

One can draw this trendline for either an upward trend direction or downwards trend direction

Trend Line by Angle

The next option is to draw a trend by angle, this one resembles the ordinary trendline shown above, only that in addition it'll show the angle at which the trend-line is slanting which many trades might use as a signal & specify to only trade if the angle is more than 30 degrees.

Customizing

As a trader you might want to change the output format of a specific item e.g. let use "Trend Line" study, if you want to edit its properties then you as a trader can select it by doubleclicking on it, then right click the it & the following menu will show.

Changing

Common Properties

After the above menu pops up (Note the trend-line has three square points which you as a trader can click and drag using your mouse to adjust it to another point using these 3 squares), select the first option only "Trend Line Properties", the following pop up window will appear.

From this menu one can rename the trendline, 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 colour button, & then choose okay.

The other options are marked "Parameters" & "Visualization"

Parameters

On parameter, tick/untick the option/choice labeled and marked as "Ray", this will extend/unextend the trendline up to the point where you have selected. Download MetaTrader software to know what this we are talking about.

Visualization

Visualization is used to select whether the line is displayed on all time-frames or only shown on a choose few time frames that a trader can choose & select from this option as shown below.

Customizing Tools MT4 Studies

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